"If you have a balance of assets worth $387,000 and $72,000 worth of liabilities after the...
"If you have a balance of assets worth $387,000 and $72,000 worth of liabilities after the discharge of partner and the remaining two partners split the balance 70/30, what will Partner A and Partner B's capital account balance be if both partners capital accounts before discharge were $5,000 and $25,000 respectively?"
Can you please show all work
Homework Answers
| Balance of assets | 387,000.00 | ||
| liabilities | 72,000.00 | ||
| Capital Employed at the end | 315,000.00 | ||
| Capital balance at the beginning | |||
| Partner A | 5,000.00 | ||
| Partner B | 25,000.00 | ||
| Profit During the year | 285,000.00 | ||
| Profit distributed in 70:30 | |||
| Capital balance at the End | Partner A | Partner B | |
| Capital balance at the beginning | 5,000.00 | 25,000.00 | |
| Profit Distributed(70:30) | 199,500.00 | 85,500.00 | |
| Capital balance at the End | 204,500.00 | 110,500.00 | |
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