Answer to Question #103735 in Accounting for stepahead

Question

On January 1, 2015, Oskar, Lucy and Dexter agreed to dissolve their partnership. Their partnership agreement allocates profit and losses equally among the partners. The current period’s ending capital account balances are Oskar, $15,000, Lucy, $10,000, and Dexter, $(6,000). After all the assets are sold and liabilities are paid, but before any contributions to cover any deficiencies, there is $19,000 in cash to be distributed.
REQUIRED:Prepare the journal entries to end the partnership under each of the following unrelated assumptions. Explanation is not required.
a) Dexter pays $6,000 to cover the deficiency in his account. (5 Marks)
b) Dexter is unable to cover the deficiency in his account

Answer 1

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