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How should the recourse liability be allocated

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Question - The GHK partnership has the following balance sheet:

Cash $30,000

Other assets $170,000

Recourse liabilities $50,000

Capital - G $50,000

Capital - H $50,000

Capital - K $50,000

Partnership profits are allocated equally. Losses are allocated 50% to G, 25% to H, and 25% to K. The partnership agreement has a capital account deficit restoration requirement. How should the recourse liability be allocated?

Reference no: EM133088154

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