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Record the Journal Entry for the Absorption of Cs Loss

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Reference no: EM132908105

Question - Partnership Liquidation: Deficient Partner - Partners A ,B, & C share Profits and Losses in the ratio of: 1:2:4.

The Partners Capital Account Balances after recognizing the loss on the disposition of the non-cash assets and paying off the liabilities are as follows:

A Cap 20,000; B Cap 15,000; C Cap (12,000)

Partner C is poor and doesnt have any money to bring in for his deficit. Partners A & B Absorb C's loss.

Required - Record the Journal Entry for the Absorption of C's Loss by Partners A & B.

Reference no: EM132908105

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