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
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 215,000
Liabilities 5,000
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 ).
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