Match the items in the left-hand column with the descriptions/explanations in the right-hand column. Items 1. Dissolution
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Match the items in the left-hand column with the descriptions/explanations in the right-hand column.
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Items 1. Dissolution 2. Partner's loss Descriptions/Explanations A. Sale of partnership assets, payment of its creditors, and distribution of any remaining assets to partners. absorption potential B. Allocation to other partners in their profit and loss sharing ratio if the partner is personally insolvent. 3. Liquidation 1. Statement of partnership realization and liquidation 5. Installment liquidation 5. Cash distribution plan 7. Incorporation of a partnership 3. Partner's deficit C. Schedule that shows how cash is to be distributed as it becomes available during liquidation process. D. Amount computed by dividing a partner's capital balance by that partner' s loss- sharing ratio. E. Revaluation of a partnership's assets and liabilities to their market values. F. Change in the legal relationship between partners. G. End of the normal business function of the partnership. H. in capital I. 3. Lump-sum liquidation J. ). Safe payments to partners Liquidation in which all assets are converted into cash over a short time period, enabling all creditors to be paid, with any remaining cash being distributed according to the partners' capital balance. Cash payments to partners computed on the assumption that all noncash assets will be sold for nothing. Presentation, in worksheet form, of the effects of the liquidation process on the balance sheet accounts of the partnership. K. Liquidation in which cash is periodically distributed to partners during the liquidation process.
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Related Book For
Advanced Financial Accounting
ISBN: 9781260165111
12th Edition
Authors: Theodore Christensen, David Cottrell, Cassy Budd
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