Hi help me with this Question...


The following is a summarised balance sheet of H, I, J, K as at 31st Dec 2008


Assets 8400
Creditors (1800)
TOTAL 6600

CAPITAL H 600
I 3000
J 2000
K 1000
TOTAL 6600

The partners shared profits in the ratio H6;I4;J1;K1

2. On the first of March 09 some assets were sold for cash 5000. Out of these, creditors 1800 and the cost dissolution 200 are paid, leaving 3000 distributable to the partners.

3. On 1st July 2009 some assets are sold for 2100

Requirements

Prepare a distribution schedule.

I will be happy if you can help with this question because it is my first time pass through this

Thanks

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We won't do this homework for you, but we will give you the way to get started. They give you the ratio for the distributions to partners. Can you figure out (either percents or fractions) what each partner receives? If you can do that, apply them to the amounts being distributed. Show your work, and we'll go from there. If you don't understand, we'll give you an example using different numbers.