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The partnership of Mohammed, Meshal and Assel is in the process of liquidation. The balance sheet as at June 30, 2019 the end of the
The partnership of Mohammed, Meshal and Assel is in the process of liquidation. The balance sheet as at June 30, 2019 the end of the fiscal year is as follows: Cash $38,000 Accounts receivable 15,500 Equipment 12,000 $65,000 Accounts payable 50,000 Notes Payable 50,000 Loan from Aseel Mohammed, capital 13,500|(20%) Meshal, capital (30%) Assel, capital (50%) $178,500 Total liabilities & equity Loan to Meshal 40,000 30,000 43,000 $178,500 Total assets The percentages shown are the profit & loss sharing ratios. The partners dissolved the partnership on July 1, 2019, and began the liquidation process. During July the following events occurred: * All Accounts receivables were collected. * Equipment of $30,000 was sold for $35,000. * All available cash was distributed, except for $15,000 that was hold for contingent expenses. Required: How much would each partner receive from the cash that is available for distribution on July 31? (Assume a safe payments schedule is used.)
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