Which of the following statement(s) is/are correct: 1. In a piecemeal liquidation, the partnership carries on with its activities on a decreasing scale. 2. The liquidation of assets and settlement of liabilities are recorded in the partners capital accounts. 3. More than one liquidation account is prepared in the case of a simultaneous liquidation. 4. A liquidation account is prepared for each phase of the liquidation process in a piecemeal liquidation. Question 2 Not yet ans Marked out Flag que