Question: The year-end balance sheet and residual profit and loss sharing percentages for the Luqman, Idris, and Nylah partnership at Decemeber 31, 2017, are as follows:
| Cash |
$30,000 |
| Loan to Luqman |
40,000 |
| Accounts Receivable |
100,000 |
| Inventory |
100,000 |
| Plant Assets |
280,000 |
| Total Assets |
$550,000 |
| Accounts Payable |
$200,000 |
| Loan from Idris |
50,000 |
| Luqman, capital (25%) |
70,000 |
| Idris, capital (25%) |
80,000 |
| Nylah, capital (50%) |
150,000 |
| Total liabilities and equity |
$550,000 |
The partners agree to liquidate the business and distribute cash when it becomes available.
Required: Prepare a cash distribution plan for the Luqman, Idris, and Nylah partnership. (Should be in chart format)