liquidation of the partnership

FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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If the inventory is sold for 900,000, how much should Delia receive upon liquidation of the partnership?

The statement of financial position for the partnership of Delia, Irma and Flora, whose share of profits and
losses are 40%, 50% and 10%, is as follows:
Cash
150,000
Accounts Payable
450,000
Inventory 1,080,000
Delia, Capital
480,000
Irma, Capital
135,000
Flora, Capital
165,000
Total
Assets
1,230,000
Total Liabilities and Capital
1,230,000
Transcribed Image Text:The statement of financial position for the partnership of Delia, Irma and Flora, whose share of profits and losses are 40%, 50% and 10%, is as follows: Cash 150,000 Accounts Payable 450,000 Inventory 1,080,000 Delia, Capital 480,000 Irma, Capital 135,000 Flora, Capital 165,000 Total Assets 1,230,000 Total Liabilities and Capital 1,230,000
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