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.