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! Please include the following ! 1 . Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses
Please include the following
Compute the capital account balance of each partner after the loss from liquidation is allocated. Note: Losses and negative capital balances, if any, should be entered with a minus sign.
Assume that the partner with a deficit pays cash to cover the deficit. Prepare the journal entries on May to record a the cash received to cover the deficit and b the final disbursement of cash to the partners.
Assume that the partner with a deficit does not reimburse the partnership. Prepare journal entries a to transfer the deficit to the other partners and b to record the final disbursement of cash to the partners.
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