E16-8 cash distribution plan | Accounting homework help

  

E16-8 Cash Distribution Plan

Adams, peters, and Blake share Profits and losses for their APB Partnership in a ratio of 2:3:5.

When they decide to liquidate, the balance sheet is as follows:

  

Assets 

Liabilities and Equities

 

Cash 

$40,000 

Liabilities 

$50,000 

 

Adams, Loan

10,000

Adams, Capital

55,000

 

Other Assets

200,000

Peters, Capital

75,000

 

Blake, Capital

70,000

 

Total Assets 

$250,000 

Total Liabilities and   Equities

$250,000 

Liquidation expenses are expected to be negligible, No interest accrues on loans with partners after termination of the business.

Required: Prepare a cash distribution plan for the APB Partnership.

Need your ASSIGNMENT done? Use our paper writing service to score better and meet your deadline.


Click Here to Make an Order Click Here to Hire a Writer