Question: liquidating partnershipscapital deficiency nettles king and tanaka are partners sharing...
Liquidating Partnerships—Capital Deficiency
Nettles, King, and Tanaka are partners sharing income 3:2:1. After the firm's loss from liquidation is distributed, the capital account balances were: Nettles, $18,000 Dr.; King, $68,000 Cr.; and Tanaka, $45,000 Cr.
If Nettles is personally bankrupt and unable to pay any of the $18,000, what will be the amount of cash received by King and Tanaka upon liquidation? If an amount is zero, enter in 0. Use the minus sign to indicate any deficiencies.
|Amount of Cash Received|
|Capital balances after realization||$||$||$|
|Distribution of partner deficiency|
|Capital balances after deficiency distribution|