E16-8 cash distribution plan | Accounting homework help

  

E16-8 Cash Distribution Plan

Adams, peters, and Blake share Profits and losses for their APB Partnership in a ratio of 2:3:5.

When they decide to liquidate, the balance sheet is as follows:

  

Assets 

Liabilities and Equities

 

Cash 

$40,000 

Liabilities 

$50,000 

 

Adams, Loan

10,000

Adams, Capital

55,000

 

Other Assets

200,000

Peters, Capital

75,000

 

Blake, Capital

70,000

 

Total Assets 

$250,000 

Total Liabilities and   Equities

$250,000 

Liquidation expenses are expected to be negligible, No interest accrues on loans with partners after termination of the business.

Required: Prepare a cash distribution plan for the APB Partnership.

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