In the Liquidation Process If a Capital Account Shows a Deficiency

question 34

Multiple Choice

In the liquidation process if a capital account shows a deficiency

• A) the partner with a deficiency has an obligation to the partnership for the amount of the deficiency.
• B) it may be written off to a "Loss" account.
• C) it is disregarded until after the partnership books are closed.
• D) it can be written off to a "Gain" account.

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