Distribution of Cash Upon Liquidation
David Oliver and Umar Ansari, with capital balances of $46,000 and $62,000, respectively, decide to liquidate their partnership. After selling the noncash assets and paying the liabilities, there is $135,000 of cash remaining. If the partners share income and losses equally, how should the cash be distributed?
If an amount is zero, enter in “0”.
| Oliver and Ansari |
| Distribution of Cash |
| Oliver | Ansari | Total | |
| Capital balances before realization | $ | $ | $ |
| Division of gain on realization | |||
| Capital balances after realization | $ | $ | |
| Cash distributed to partners | |||
| Final balances | $ | $ |
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