The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:
Cash 90,000 Liabilities 170,000
Non cash assets 300,000 Perry Capital 70,000
Quincy's Capital 50,000
Renquist Capital 100,000
total 390,000 390,000
Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.
All partners were solvent.