Liquidation, doctrine of right of offset. The following information relates to Pfarr and Williams, who are partners
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Liquidation, doctrine of right of offset. The following information relates to Pfarr and Williams, who are partners in a business being liquidated:
| Pfarr | Williams | |
| Partnership balances: | ||
| Loan payable - Williams | $5,000 | |
| Capital balance (deficit) | $20,000 | (14,000) |
| Personal assets(Including partnership loan payable) | 30,000 | 22,000 |
| Personal liabilities | 15,000 | 21,000 |
| Profit and loss percentage | 70% | 30% |
After applying the right-of-offset doctrine, indicate how each partner's personal assets would be distributed, assuming the Uniform Partnership Act is applicable.
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