Match each statement to the item listed below. Place where changes in partner capital accounts for a period of time are reported. Where the share of loss on realization is greater than the balance in partner capital. Each partner may act on behalf of the entire partnership so that the liabilities created by one partner become the liabilities of all partners. An association of two or more persons to own and manage a business for profit. Simple to form. A step during liquidation when partnership assets are sold. Used to divide the excess of allowances over loss when net losses occur. The winding up process of a partnership. deficiency realization proprietorship partnership mutual agency liquidation income sharing ratio statement of partnership equity