Homework Answers
Solution a:
Total capital balance of partners prior to liquidation = $19,000 + $79,000 = $98,000
Loss on liquidation = Capital balance - Sale value of assets = $98,000 - $38,000 = $60,000
Jolly's share of loss = $60,000 / 2 = $30,000
Amount of jolly deficiency = Share of loss - existing capital balance = $30,000 - $19,000 = $11,000
Solution b:
Amount distributed to Reynell, if Jolly unable to satisfy deficiency = Available cash in partnership = $38,000
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