Statement of Partnership Liquidation

After the accounts are closed on April $10,$ prior to liquidating the partnership, the capital accounts of Zach Fairchild, Austin Lowes, and Amber

Howard are $$46,900,$$$8,400,$ and $$36,300,$ respectively. Cash and noncash assets total $$11,600$ and $$92,000,$ respectively. Amounts owed to

creditors total $$12,000.$ The partners share income and losses in the ratio of $1$:$1$:$2.$ Between April $10$ and April $30,$ the noncash assets are sold for

$$48,800,$ the partner with the capital deficiency pays the deficiency to the partnership, and the liabilities are paid.

Required:

of the deficiency $($from the appropriate partner$),$ and $($d$)$ the distribution of cash.

If there is no amount or an amount is zero, enter $"0".$

Fairchild, Lowes, and Howard

Statement of Partnership Liquidation

For Period April $10-30$

Assume that the partner with the capital deficiency declares bankruptcy and is unable to pay the deficiency.

a$.$ Journalize the entry to allocate the partner's deficiency. If an amount box does not require an entry, leave it blank.

Account

Debit Credit

b$.$ Journalize the entry to distribute the remaining cash. If an amount box does not require an entry, leave it blank.