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A local partnership has only two assets cash of 10000 and

Problem - A local partnership has only two assets (cash of 10000 and land with a cost of 35000). All liabilities have been paid and the following capital balances are currently being recorded. The partners share profits and losses as follows. All partners are insolvent

Brown, capital 40% 25000

Fish, Capital 30% 15000

Stone, Capital 30% 5000

a. if the land sold for 25000, how much cash does each partner receive in a final settlement?

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Accounting Basics: A local partnership has only two assets cash of 10000 and

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