Williams, Oxford, Ogilvie, and Lennox carried on business in partnership for many years as wool merchants. The widespread use of synthetic materials, however, adversely aected the fortunes of the business. Eventually the partners found that the business could no longer be carried on at a prot. Before anything could be done to sell the business, Lennox became insolvent. It was then necessary to wind up the business in accordance with the partnership agreement. The partnership agreement provided that the parties share losses and prots equally. On dissolution, the capital accounts of the partners were as follows: Williams $50000 Oxford $30,000 Ogilvie $20000 Lennox Creditors' claims at dissolution amounted to $350,000, whereas the total assets of the rm were $250,000. Explain the nature of the liability of the rm. Calculate the liability of each of the partners as between themselves with respect to creditor claims