Homework Answers
Total capital balance = 18000+61000 = $79000
Sale proceeds = $29000
Loss = $50,000
Shared by each partner = $25000
a.Pepper's deficiency = Balance in capital account - share of loss = 18000-25000 = -$7000
i.e. $7000 deficiency
b.Amount distributed = Proceeds from sale
i.e. $29000
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