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In the liquidation process, if a capital account shows a deficiency the partner with a deficiency has an obligation to the partnership for the amount
In the liquidation process, if a capital account shows a deficiency the partner with a deficiency has an obligation to the partnership for the amount of the deficiency. it may be written off to a "Loss" account. it can be written off to a "Gain" account. it is disregarded until after the partnership books are closed. 
In the liquidation process, if a capital account shows a deficiency
the partner with a deficiency has an obligation to the partnership for the amount of the deficiency.
it may be written off to a "Loss" account.
it can be written off to a "Gain" account.
it is disregarded until after the partnership books are closed.
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Financial Accounting A User Perspective
Authors: Robert E Hoskin, Maureen R Fizzell, Donald C Cherry
6th Canadian Edition
470676604, 978-0470676608
