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The Henry, Isaac, and Jacobs partnership was about to enter liquidation with the following account balances:
cash 90000 liabilities 60000
Noncash assets 300000 Henry capital 80000
Isaac capital 110000
Jacobs capital 140000
Total 390000 Total 390000
Estimated expenses of liquidation were $5,000. Henry, Isaac, and Jacobs shared profits and losses in a ratio of 2:4:4.
Before iquidating any assets, the partners determined the amount of cash available for safe payments. How should the amount of safe cash payments be distributed? Show your work
Expert Answer
| Henry | Isaac | jacobs | |
| Beg. Balance | 80000 | 110000 | 140000 |
| Loss on non cash assets | -60000 | -120000 | -120000 |
| Provisional balance | 20000 | -10000 | 20000 |
| Loss of Isaac and liquidation expenses | -5000 | 10000 | -10000 |
| Balance to be paid | 15000 | 0 | 10000 |
| $15,000 to Henry and $10,000 to Jacobs is to be distributed | |||
