accounting help please

timer Asked: Mar 30th, 2015

Question description

Present journal entries to transfer the deficit of any deficient partners to the other partners.

The Field, Brown & Snow partnership was begun with investments by the partners as follows: Field, $131,250; Brown, $165,000; and Snow, $153,750. The operations did not go well, and the partners eventually decided to liquidate the partnership, sharing all losses equally. On May 31, after all assets were converted to cash and all creditors were paid, only $45,000 in partnership cash remained.

Record the disbursement of the remaining cash to the partner(s).

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