distribution of proceeds among partners
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After realization of a portion of the non cash assets of Bemis, Coppo & Dipp LLP, which was being liquidated, the capital balances were Bemis, 54,600; Coppo, 40,500; and Dipp, 17,000. Cash of 34,100 and other assets with a carrying amount of 98,000 were on hand. Creditors' claims totaled 20,000. Bemis, Coppo, and Dipp share net income and losses in a 2:1:1 ratio, respectively.
Prepare a working paper to compute the amount of cash that may be paid to creditors and to the partners at this time, assuming that no partner is solvent.
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Solution Summary
The answer contains the method of distribution of proceeds among the partners at the time of liquidation
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