Harry R. Leeds v. John Levey

443 F.2d 1363, 1971 U.S. App. LEXIS 8881

Opinion

PER CURIAM:

The judgment in this case for $62,-419.06 plus interest in favor of Leeds against Levey is affirmed except .that we conclude that Leeds' judgment against Levey should be for $53,022.93. We arrive at this adjustment because of a credit to be allowed Levey and out of reconstruction of the final computation.

We accept the trial court’s computation of a charge against Levey of $117,-942.01 and a charge of $6,896.12 (money received) against Leeds. (This is not a true partnership case but the same rules of accounting would be applicable here). We find the $117,942.01 figure should be reduced by a $5,000 credit for an amount paid by Levey to Perma Stamp Products. See Godbey & Sons Const. Co. v. Deane (1952) 39 Cal.2d 429, 246 P.2d 946.

So we conclude that the “partners” accounts with the “partnership” were $112,942.01 (drawn by Levey) and $6,-896.12 (drawn by Leeds) or a total of $119,838.13. Thus Leeds is entitled to one-half of the total, which is $59,919.-06, less $6,896.12 already received, leaving a net of $53,022.93 due Leeds by Levey.

With the foregoing adjustments we find no reversible error in the judgment.

Remanded for modification in accordance with the foregoing. Appellant shall have one-half his costs on the appeal.