QS $12-13($Algo$)$ Liquidation of partnership LO P$5$

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The Field, Brown & Snow are partners and share income and losses equality. The partner decide to liquidate the partnership when their capital balances are as follows: Field, $$130,400$; Brown, $$166,200$; and Snow, $$155,400.$ On May $31,$ the liquidation resulted in a loss of $$406,500.$

QS $12-13($Algo$)$ Part $3$

$3.$ 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.