Assuming that the balance sheet of BG Land Development is as follows: Assets Liabilities and Capital
Cash $20,000 Accounts payable $80,000
Non-cash assets 200,000 Mitchell, Loan 10,000
Matthews, capital 50,000
Mitchell, capital 66,000
Michaels, capital 14,000
Total assets $220,000 Total Liab. and capital $220,000
Required:
If partners are to receive the final payment in a lump-sum, when BG Land Development is liquidated, Matthews receives $___, Mitchell receives $, Michaels receives $.

BG Land Development

If partners are to receive the final payment in a lump-sum, when BG Land Development is liquidated, Matthews receives $_50,000__, Mitchell receives $_66,000___, Michaels receives $__14,000__.

Explanation:

a) Data and Calculations:

Assets Liabilities and Capital

Cash                     $20,000 Accounts payable          $80,000

Non-cash assets  200,000 Mitchell, Loan                    10,000

                                             Matthews, capital            50,000

                                             Mitchell, capital                66,000

                                             Michaels, capital               14,000

Total assets     $220,000   Total Liab. and capital $220,000

Totals assets = $220,000

Total liabilities     (90,000)

Net assets =     $130,000

Partners' capital:

Matthews, capital  50,000

Mitchell, capital     66,000

Michaels, capital    14,000

Total capital =      130,000

b) Each partner is entitled to the ratio of his capital balance or the profit and loss sharing ratio, if any.  The net asset is computed by deducting all the liabilities, including one of the partners' loans, from the total value of realizable assets.  Ordinarily, partners' loans enjoy priority over capital refund during partnership liquidation.

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