eBook Show Me How Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Jolly and Haines had capital accounts of $23,000 and $86,000, respectively. The partnership assets were sold for $41,000. The partnership had no liabilities. Jolly and Haines share income and losses equally. Required: a. Determine the amount of Jolly's deficiency. b. Determine the amount distributed to Haines, assuming that Jolly is unable to satisfy the deficiency. $

Liquidating Partnershlps-Deficiency Prior to Hquidating their parthership, Jolly and Haines had capital accounts of $23,000 and $B6,000, respectively: The partnership assets were seld for $41,000. The partnership had no liabilities. Jolly and Haines share income and losses equally. Required: a. Determine the amount of Jolly's deficiency. b. Oetermine the amount distributed to Haines, assuming that Jolly is unable to satisfy the deficiency