2. Pourier organized a limited partnership and is the only general partner. Hillier invested $20,000 in the partnership and was admitted as a limited partner with the understanding that he would receive 10% of the profits. After two unprofitable years, the partnership ceased doing business. At that point, partnership liabilities were $85,000 larger than partnership assets. How much money can the creditors of the partnership obtain from the personal assets of Hillier in satisfaction of the unpaid partnership debts?

2. Pourier organized a limited partnership and is the only general partner. Hillier invested $20,000 in the partnership and was admitted as a limited partner with the understanding that he would receive 10% of the profits. After two unprofitable years, the partnership ceased doing business. At that point, partnership liabilities were $85,000 larger than partnership assets. How much money can the creditors of the partnership obtain from the personal assets of Hillier in satisfaction of the unpaid partnership debts?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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