The partnership of Telliher Bachra and Lang has

experienced operating #8304

The partnership of Telliher Bachra and Lang has experienced operating

The partnership of Telliher, Bachra, and Lang has experienced operating losses for three
consecutive years. The partners, who have shared profits and losses in the ratio of Thea
Telliher, 60 percent, Denis Bachra, 20 percent, and Alan Lang, 20 percent, are considering
liquidating of the business. They ask you to analyze the effects of liquidation under various
possibilities about the sale of the noncash assets. None of the partners have personal assets if
they go into a deficit financial position. They present the following partnership balance sheet
amounts at December 31, 2017:

Required

1. Prepare a summary of liquidation transactions for each of the following situations:

a. The noncash assets are sold for $36,300.

b. The noncash assets are sold for $27,600.

2. What legal recourse do the remaining partners have to be reimbursed for deficit balances?

3. Suppose, after allocating Telliher's deficit balance, Lang now has a deficit balance. How
would the partnership deal with this deficiency?

The partnership of Telliher Bachra and Lang has experienced operating

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