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here were going to be looking at a partnership liquidation where we terminated the business and distributing the assets using the right of offset here so were going to be looking at the right of offset and how its used here so for example here partner B has a capital account and they have a deficit of $28,000 in the capital account here thats the amount that they order the partnership and then partner B has made a loan for the partnership for $10,000 here so the partnership has a loan payable to partner B here for ten thousand dollars and what we do with this right of offset is as we close out this loan thats payable to partner be here and we transfer it over into their partner Bs capital account here so we debit the loans payable for ten thousand dollars and we credit or increase the capital account here for partner B by ten thousand dollars so ultimately what weve done here is weve taken the deficit amount for partner B here from $28,000 we reduced it by ten thousand dollars
