Liquidating partnership with capital deficiency dating french canadian man
Cash and noncash assets total ,200 and ,900, respectively. The partners share income and losses in the ratio of 2:1:1.Between February 3 and February 28, the noncash assets are sold for ,300, the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid.1.
Cash and noncash assets total ,200 and ,300, respectively. The partners share income and losses in the ratio of 1:1:2.
On November 1, 2014, the firm of Sails, Welch, and Greenberg decided to liquidate their partnership.
The partners have capital balances of ,000, ,000, and ,000, respectively. Rachel Bell contributed a patent, accounts receivable, and ,000 cash to a partnership. However, the technology covered by the patent appeared to have significant market potential. Beyonce Sheffield and Brittany Field decide to form a partnership by combining the assets of their separate businesses.
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