A local dental partnership has been liquidated and the final capital balances are Atkinson, capital (40% of all profits and losses)$74,000 Kaporale, capital (30%) 34,000 Dennsmore, capital (20%) (44,000)Rasputin, capital (10%) (64,000) If Rasputin contributes cash of $24,000 to the partnership, how would this amount be distributed to the other partners? A local dental partnership has been liquidated and the final capital balances are$ 74,000Atkinson, capital (40% of all profits and losses)Kaporale, capital (30%)Dennsmore, capital (20%)Rasputin, capital (10%)34,000(44,000)(64,000)If Rasputin contributes cash of $24,000 to the partnership, how would this amount be distributed to the other partners? (Round yourintermediate calculations to the nearest whole dollar.)X Answer is complete but not entirely correct.AtkinsonKaporaleDennsmoreRasputinCash distribution16,444 X S 7,556 X $

Total Potential loss from dennsmore and rasputin = 44000 + 40000…

Answered: A local dental partnership has been…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Question

A local dental partnership has been liquidated and the final capital balances are


Atkinson, capital (40% of all profits and losses)	$	74,000
Kaporale, capital (30%)		34,000
Dennsmore, capital (20%)		(44,000	)
Rasputin, capital (10%)		(64,000	)

If Rasputin contributes cash of $24,000 to the partnership, how would this amount be distributed to the other partners?

A local dental partnership has been liquidated and the final capital balances are
$ 74,000
Atkinson, capital (40% of all profits and losses)
Kaporale, capital (30%)
Dennsmore, capital (20%)
Rasputin, capital (10%)
34,000
(44,000)
(64,000)
If Rasputin contributes cash of $24,000 to the partnership, how would this amount be distributed to the other partners? (Round your
intermediate calculations to the nearest whole dollar.)
X Answer is complete but not entirely correct.
Atkinson
Kaporale
Dennsmore
Rasputin
Cash distribution
16,444 X S 7,556 X $

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

Expert Solution

Trending now

This is a popular solution!

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions