Profit and loss

by | Jul 6, 2021 | Assignment Help

The partnership of K, L, and M share profit and losses in the ratio of 3:1:1 respectively. The partners voted to dissolve the partnership when its assets, liabilities, and capital were as follows:


Cash $ 80,000Other Assets 640,000$720,000Liabilities and Capital:

Liabilities $100,000K, Capital 360,000L, Capital 180,000M, Capital 80,000720,000 The partnership will be liquidated over several months. As cash is available, it will be distributed to the partners.

Refer to the above information. Using a cash distribution plan, how much cash will be distributed to L before the other two partners receive any cash distributions?

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