Partners capital accounts


A local partnership has assets of cash of $5,000 and a building recorded at $80,000. All liabilities have been paid. The partners capital accounts are as follows Davenport $40,000, Beulah $30,000 and Kamhunga 15,000. The partners share profits and losses 4:4:2.If the land is sold for $450,000, how much cash will Robinson receive in the final settlement?

Request for Solution File

Ask an Expert for Answer!!
Accounting Basics: Partners capital accounts
Reference No:- TGS055904

Expected delivery within 24 Hours