Liquidation of a Partnership

Liquidation of a Partnership - account has a deficit...

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Liquidation of a Partnership If the partnership decides to liquidate, the assets of the partnership are  sold, liabilities are paid off, and any remaining cash is distributed to the  partners according to their capital account balances. If a partner's capital 
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Unformatted text preview: account has a deficit balance, that partner should contribute the amount of the deficit to the partnership....
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