Question 24 Not yet answered Which among the following statement is correct? Marked out of 1.00 Flag question All the listed choices Liquidation of partnership means the termination of partnership, Liquidation of partnership means the firm will not operate further Partnership liquidation ends both legal and economic life of the entity Question 13 Not yet answered Marked out of 2.00 Flag question Mr. Laith, Mr. Marsooq and Mr. Nadeem were partners sharing profits and losses in the ratio of 23:1 respectively. They decided to dissolve the firm effective as on December 31, 2019. Just before liquidation the firm's position was as follows: Cashi Other assets Accounts Mr Laith Mr Marsooq Mr.Nadeem OMR) OMR) payable OMR) Capital OMR) Capital OMR) Capital OMR) 240,000 ? 220,000 460.000 340,000 220,000 The other assets realized were OMR. 1.500,000/- cash. Liabilities were paid in full. The remaining cash was distributed among the partners a. How much amount will be the book value of other assets? b: How much amount will be the protit/loss on realization Loss on realization OMR 700,000 None of the listed choices Profit on realization OMR 240,000 Profit on realization OMR 500,000 Question 13 Not yet answered Marked out of 2.00 P Flag question Mr. Laith, Mr. Marsooq and Mr. Nadeem were partners sharing profits and losses in the ratio of 23:1 respectively. They decided to dissolve the firm effective as on December 31, 2019. Just before liquidation the firm's position was as follows: Cash Other assets Accounts Mr. Laith Mr Marsoog Mr.Nadeem OMR) OMR) payable(OMR) Capital OMR) Capital OMR) Capital OMR) 240,000 220,000 460,000 340.000 20.000 The other assets realized were OMR. 1.500,000/- Cash Liabilities were paid in full. The remaining cash was distributed among the parts a. How much amount will be the book value of other assets None of the listed choices OMR 1,000,000 OMR 500.000 OMR 1.240.000