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Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their business. On 31/12/2020, and before closing the net
Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020, you have the following accounts and balances: Cash $ 52,000 Non cash Assets 230,000 Liabilities 20,000 Sameers capital 134,000 Hanis capital 78,000 Alis capital 10,000 You know that: Net income for the year 2020 was $ 40,000. Non cash assets are sold for $160,000 cash Partners share income/ loss in a 4:3:3 ratio, respectively. Required: Calculate the amount of Cash distribution to Sameer, after the liquidation process is over. (Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000 ). Answer:
Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their business. On 31/12/2020, and before closing the net income for 2020, you have the following accounts and balances:
Cash $ 52,000
Non cash Assets 230,000
Liabilities 20,000
Sameers capital 134,000
Hanis capital 78,000
Alis capital 10,000
You know that:
Net income for the year 2020 was $ 40,000.
Non cash assets are sold for $160,000 cash
Partners share income/ loss in a 4:3:3 ratio, respectively.
Required: Calculate the amount of Cash distribution to Sameer, after the liquidation process is over.
(Note: in the answer space, write only the number, with no $ signs or commas. That is, if your answer is $1,000, white it as : 1000 ).
Answer:
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Internal Auditors Manual And Guide The Practitioners Guide To Internal Auditing
Authors: Milton Stevens Fonorow
1st Edition
0134711947, 978-0134711942
