Question
1.EXPLAIN AND DEFINE DISSOLUTION AND LIQUIDATION. 2.GIVE TRANSACTIONAL PROBLEM OF DISSOLUTION WITH CORRESPONDING JOURNAL ENTRY a.Admission of new partner b.Withdrawal of a partner c. death
1.EXPLAIN AND DEFINE DISSOLUTION AND LIQUIDATION.
2.GIVE TRANSACTIONAL PROBLEM OF DISSOLUTION WITH CORRESPONDING JOURNAL ENTRY
a.Admission of new partner
b.Withdrawal of a partner
c. death of a partner
d. retirement of a partner
3. Example problem and solutions in a statement form the process of liquidation in two ways of Liquidation to zero out the cash after distributiion to partners, with a Journal Entry.
a. Lumpsum liquidation from selling of assets, payment of liabilities up to distribution of remaining Cash to partners.
b. Installment liquidation- same process with lumpsum but u need to show safe payment and priority program.
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