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Liquidating Partnership-Deficiency Prior to liquidating their partnership, Jolly and Reynell had capital accounts of $19,000 and $79,000, respectively. The partnership assets were sold for $30,000.
Liquidating Partnership-Deficiency Prior to liquidating their partnership, Jolly and Reynell had capital accounts of $19,000 and $79,000, respectively. The partnership assets were sold for $30,000. The partnership had no liabilities. Jolly and Reynell share income and losses equally. Required: a. Determine the amount of Jolly's deficiency. 1. Determine the amount distributed to Reynell, assuming Jolly is unable to satisfy the deficiency
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