16-9 The MDS partnership has decided to liquidate.  At the time, the profit and loss ratios for Murphy, Donnelly and Sullivan were 1:1:3.  The balance sheet…

16-9

MDS has made the decision to dissolve its partnership.  The profit and loss ratios of Murphy were at the time.

Donnelly and Sullivan were 1:3.  Below is the balance sheet.

Cash

$   30,000

Liability

$   20,000

Additional assets

   170,000

M. Capital

     50,000

D. Capital

     70,000

S. Capital

     60,000

 $200,000

 $200,000

A.Calculate how your partners will be divided in cash distributions using the loss absorption system

Loss Absorption Potential

M

D

S

Capital

P & L ratio

LAP (capital/P&L)

Loss Absorption Potential

Asset Distribution

M

D

S

M

D

S

P & L ratio

LAP

Interest on net capital

Distribution to D

(1100 x 2.2)

Distribution to M & D

(150x.2)

B.Prepare a plan in advance to distribute cash

Advance Cash Distribution Plan

Cash distribution order

Liabilities

M

D

S

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