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Determine the amount distributed to haines

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Question - Prior to liquidating their partnership, Jolly and Haines had capital accounts of $19,000 and $69,000, respectively. The partnership assets were sold for $32,000. The partnership had no liabilities. Jolly and Haines share income and losses equally.

Required -

a. Determine the amount of Jolly's deficiency.

b. Determine the amount distributed to Haines, assuming Jolly is unable to satisfy the deficiency.

Reference no: EM132544737

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