Lquidating Partnersh-Deficieney Prior to liquidating their partnership, Pepper and Haines had captal nunts of 20,000 and...

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Lquidating Partnersh-Deficieney Prior to liquidating their partnership, Pepper and Haines had captal nunts of 20,000 and s.00

Liquidating Pertnenshps-Deficency Prior te liquidating their partnership, Peper and Hanes had cpital accounts of 20.000 and 0

Liquidating Partnerships-Deficiency Prior to liquidating their partnership, Pepper and Haines had capital accounts of $20,000

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Answer 1

Answer #1

Solution:

a) Amount of Pepper`s Deficiency = $ 12,000

b) Amount distributed to Hanies, if pepper is unable to satisfy the deficiency = $ 42,000

Notes:

1) Total Capital of Partnership = $ 20,000 + $86,000 = $ 106,000

Assets were sold for $ 42,000 (Given)

Total Deficiency = $ 106,000 - $ 42,000 = $ 64,000

Share of Deficiency for each partner = $ 64000 * 50% = $ 32,000 ( because profit and losses are shared equally )

Pepper`s Deficiency = Deficiency Share of Pepper - Pepper Capital = $ 32,000 - $ 20,000 = $ 12,000

2) If pepper is unable to satisfy the deficiency, Hanies will get what ever left the organisation i.e., $42,000 ( Assets Sold Value)

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Answer 2

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