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Chec A partnership has the following account balances: Cash, $75,000; Other Assets, $565,000; Liabilities, $265,000, Nixon (5
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Answer #1

Hi, Friend...

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I have tried to give the best possible answer if you have any doubts, please do mention in the comment section. I'll definitely respond in early possible time.

Ans:

Nixon Cleveland Pierce
Safe payments $8,000 $4,800 $3,200

Workings: In case of liquidation of partnership firm, any gain or loss from the liquidation are shared among the partners in "profit-sharing ratio".

In this case, the profit-sharing ratio is 50%:30%:20%. (for Nixon, Cleveland and Pierce)

Hence,

Share of profit for Nixon: ($16,000 x 50%) = $8,000.

Share of profit for Cleveland: ($16,000 x 30%) = $4,800.

Share of profit for Pierce: ($16,000 x 20%) = $3,200.

Thanks, Dear... Have a Wonderful Day.

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