Partnership Liquidation: Deficient Partner

Partners A ,B, & C share Profits and Losses in the ratio of: 1:2:4 .

The Partners Capital Account Balances after recognizing the loss on the disposition of the non-cash assets

and paying off the liabilities are as follows:

A Cap 20,000 ; B Cap 15,000 ; C Cap (12,000)

Partner C is poor and doesnt have any money to bring in for his deficit. Partners A & B Absorb C's loss:

REQUIRED: Record the Journal Entry for the Absorption of C's Loss by Partners A & B.