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Determine the amount of Short deficiency

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Reference no: EM132785000

Problem - Prior to liquidating their partnership, Short and Bain had capital accounts of $20,000 and $80,000, respectively. The partnership assets were sold for $40,000. The partnership had no liabilities. Short and Bain share income and losses equally.

Required -

a. Determine the amount of Short's deficiency.

b. Determine the amount distributed to Bain, assuming that Short is unable to satisfy the deficiency.

Reference no: EM132785000

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