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Unformatted text preview: Act. In the Lone Pine Cafe Case also, disregarding the marital complications of Mr. and Mrs. Antoine considering the Partnership as dissolved we would be able to conclude that , As per the balance sheet as on 30 March2006 , the financial balance sheet had Net Loss of $10,854 which has to be deducted from the Total owners Equity of $48000 (16000 contributed by each of all the Partners during the start of the Business ) .The balance equity left with the Cafe was of $37,146 , which has to be proportionately divided among all the partners i.e. $12,382 per partner. Thus, as the business was in Loss for the said financial period, all the partners also had to bear Loss in the returns for the capital invested in the Lone Pine Cafe....
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This note was uploaded on 04/12/2011 for the course AAS 020 taught by Professor Vrue during the Winter '10 term at San Jose State University .
- Winter '10