Duncan, Tribe, and Ho are partners sharing income 3:2:1. After the firm’s loss from liquidation is distributed, the capital account balances were: Duncan, $15,000 Dr; Tribe, $50,000 Cr; and Ho, $40,000 Cr. If Duncan is personally bankrupt and unable to pay any of the $15,000, what will be the amount of cash received by Tribe and Ho upon liquidation?
Duncan, Tribe, and Ho are partners sharing income 3:2:1. After the firm’s loss from liquidation is distributed, the capital account balances were: Duncan, $15,000 Dr; Tribe, $50,000 Cr; and Ho, $40,000 Cr. If Duncan is personally bankrupt and unable to pay any of the $15,000, what will be the amount of cash received by Tribe and Ho upon liquidation?
Chapter11: Investor Losses
Section: Chapter Questions
Problem 18DQ
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- Duncan, Tribe, and Ho are partners sharing income 3:2:1. After the firm’s loss from liquidation is distributed, the capital account balances were: Duncan, $15,000 Dr; Tribe, $50,000 Cr; and Ho, $40,000 Cr. If Duncan is personally bankrupt and unable to pay any of the $15,000, what will be the amount of cash received by Tribe and Ho upon liquidation?
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