Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Pepper and Haines had capital accounts of $17,000 and...

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Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Pepper and Haines had capital accounts of $17,000

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Answer 1

Answer #1

Total Capital	80000	=17000+63000
Loss on sale of Assets	50000	=80000-30000
Loss allocated to Pepper	25000	=50000*50%

a
Pepper's Deficiency	8000	=25000-17000

b
Haines Capital	63000
Loss allocated to Haines	-25000
Pepper's Deficiency	-8000
Amount distributed to Haines	30000

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Answer 2

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