Assignment 2: Cash Distribution PlanThe partnership of Pen Evan and Torves has a

Assignment 2: Cash Distribution
PlanThe partnership of Pen Evan and Torves has asked you to assist
in winding up its business affairs. You compile the following information:The trial balance of the partnership on June 30 20X1 is:The partners share profits and losses as follows: Pen 50 percent
Evan 30 percent and Torves 20 percent.The partners are considering an offer of $100000 for the accounts
receivable inventory and plant and equipment as of June 30. The $100000 will
be paid to creditors and the partners in installments the number and amounts of
which are to be negotiated.Prepare a cash distribution plan as of June 20 20X1 showing how
much cash each partner will receive if the offer to sell the assets is
accepted.Submit your answers in a Microsoft Excel sheet.