Partner Ross is insolvent, having no personal assets and owes $30,000 to his personal creditors. Ross is a partner with Williams and Zellin and the partnership balance sheet is as follows: Partnership Balance Sheet Cash $240,000 Liabilities $150,000 Ross Capital 20,000 Williams Capital 30,000 Zellin Capital 40,000 How much can Ross’s personal creditors claim against partnership cash

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
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Partner Ross is insolvent, having no personal assets and owes $30,000 to his personal creditors. Ross is a partner with Williams and Zellin and the partnership balance sheet is as follows:

 

                                         Partnership Balance Sheet

 

Cash                 $240,000                           Liabilities                 $150,000

                                                                   Ross Capital                 20,000

                                                                   Williams Capital          30,000

                                                                   Zellin Capital               40,000

How much can Ross’s personal creditors claim against partnership cash

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