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Show the journal entries required to liquidate partnership

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Reference no: EM132789412

Problem 1: The partners of the Blue Tooth Partnership agree to liquidate the partnership. After all the liabilities of $100,000 are paid, the capital account balances are: Wong, $80,000; Winslow, $70,000; and Peters, ($4,000). Peters is unable to pay his capital deficiency. Assume the partners share profits and losses equally. Show the journal entries required to liquidate the partnership.

Reference no: EM132789412

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