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deficiency pays the deficiency to the partnership, and the liabilities are paid. Required: 2. Assume the partner with the capital deficiency declares bankruptcy and is
deficiency pays the deficiency to the partnership, and the liabilities are paid. Required: 2. Assume the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency. a. Journalize the entry to allocate the partner's deficiency. For a compound transaction, if an amount box does not require an entry, leave it blank. b. Journalize the entry to distribute the remaining cash. For a compound transaction, if an amount box does not require an entry, leave it blank
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