Short response for #3-6

3. Why are liquidation gains and losses usually 4. After liquidating all property and paying partnership obligations, what is the basis for allocat- 5. What is the purpose of a statement of liquidation? What information does it convey to its 6. According to the Uniform Partnership Act, what events should occur if a partner incurs a recorded as direct adj ts to the capital accounts ing remaining cash among the partners? readers? negative capital balance during the liquidation process