[Solved] Assignment 219331

Assignment Details

Subject: Business    / Accounting
QuestionScenario: Dill and Edy formed a partnership. Edy’s capital contribution is $10,000, and Dill’s capital contribution is$15,000. The partnership agreement provides that profits are to be shared, with 40% of the profits going to Edy and 60% of the profits going to Dill.Later, Edy made a $10,000 loan to the partnership when it needed working capital.When the partnership decided to dissolve, its assets are $50,000 total, and its debts are $8.000.How should the assets be distributed – in what specific amounts – and why? Show calculations.