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The Adam, Badr, and Celine partnership began the process of liquidation with the following balance sheet:...

The Adam, Badr, and Celine partnership began the process of liquidation with the following balance sheet: Cash $17,000 Liabilities $160,000 Noncash assets 443,000 Adam capital 80,000 Badr capital 90,000 Celine capital 130,000 Adam, Badr, and Celine share profits and losses in a ratio of 3:3:4. Liquidation expenses are expected to be $12,000. If the noncash assets were sold for $143,000, which partner(s) would have had to contribute assets to the partnership to cover a deficit in his or her capital account?    A.   Adam, Badr and Celine    B.   Adam and Badr    C.   Badr    D.   Adam

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Answer #1

Option B is correct.

Adan and badr need to bring the capital of 13600 and 3600 respectively.

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