Sameer, Hani, and Ali are partners in SHA Partnership. On 1/1/ 2021, they decide to liquidate their
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Question:
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 Assets230,000
Liabilities20,000
Sameer's capital134,000
Hani's capital78,000
Ali's capital10,000
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.
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Abdul-Rahim Taysir
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