Question
Helgi, Guðrún, & Kobbi form a partnership to sell troll dolls in Reykjavik, Iceland. Helgi, &...
Helgi, Guðrún, & Kobbi form a partnership to sell troll dolls in Reykjavik, Iceland. Helgi, & Guðrún each invest $600 to start the partnership. The three members agree to share profits and losses equally (1/3 each). This is true even though Kobbi makes no Capital Contribution. Kobbi is a super-salesperson and is welcomed into the partnership by Helgi, & Guðrún. The plans are that the partnership is to be in business from 11/25/20 until 12/25/20. So after the Christmas season they will dissolve the partnership and distribute any remaining cash to the partners based on the proper allocation. Prepare a proper schedule showing the partners capital account changes and the final distribution of cash assuming:
1) The partnership has $1,800 cash remaining;
2) The partnership has $300 cash remaining.
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