Question
Liquidating PartnershipsDeficiency Prior to liquidating their partnership, Short and Russo had capital accounts of $26,000 and $93,000, respectively. The partnership assets were sold for $43,000.
Liquidating PartnershipsDeficiency
Prior to liquidating their partnership, Short and Russo had capital accounts of $26,000 and $93,000, respectively. The partnership assets were sold for $43,000. The partnership had no liabilities. Short and Russo share income and losses equally.
a. Determine the amount of Short's deficiency.
b. Determine the amount distributed to Russo, assuming Short is unable to satisfy the deficiency.
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The Practice Of Modern Internal Auditing
Authors: Lawrence B Sawyer
1st Edition
B0006C58OA, 978-0894130120
