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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