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ACC - Perry, Quincy, and Renquist partnership




Question;The following account balances were available for the Perry, Quincy, and Renquist partnership just before it entered liquidation:Cash 90,000 Liabilities 170,000Non cash assets 300,000 Perry Capital 70,000Quincy's Capital 50,000Renquist Capital 100,000total 390,000 390,000Inlcuded in Perry's capital balance is a $20,000 partnership loan owed to Perry. Perry, Quincy, and Renquist shared profits and losses in a ratio of 2:4:4. Liquidation expenses were expected to be $15,000.All partners were solvent.


Paper#39078 | Written in 18-Jul-2015

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