Kay, Kat, and Kim are partners. In a liquidation, Kays share of partnership losses exceeds her capital
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Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her capital account balance.
Moreover, she is unable to meet the deficit from her personal assets, and her partners shared the excess losses. Does this relieve Kay of liability?
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Related Book For 
Financial Accounting Information For Decisions
ISBN: 9780073043753
4th Edition
Authors: John J. Wild
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