Asked Nov 24, 2019

How are debts of firm and private debts dealt with in case of dissolution of partnership firm and why?


Expert Answer

Step 1

Treatment of Firms Debt and Private Debts at the time of dissolution of partnership firm:


  • Firm’s property is applied first in payment of firm’s d...

Want to see the full answer?

See Solution

Check out a sample Q&A here.

Want to see this answer and more?

Solutions are written by subject experts who are available 24/7. Questions are typically answered within 1 hour.*

See Solution
*Response times may vary by subject and question.
Tagged in



Final Accounts for Partnership

Related Accounting Q&A

Find answers to questions asked by student like you
Show more Q&A

Q: im confused on how to solve this problem

A: Present value of cash inflows over years can be computed by multiplying the cash inflow each year wi...


Q: The following data were taken from the records of Griggs Company for December: Administrative exp...

A: Income statement: The financial statement which reports revenues and expenses from business operatio...


Q: Write a note on the Diminishing Balance Method of providing depreciation. Give an illustration.

A: Depreciation: Depreciation refers to the reduction in the monetary value of a fixed asset due to its...


Q: Unearned income is credited to the Profit and loss account. Do you agree with the statement?

A: Unearned income is the revenue received in advance for services to rendered in future. For example, ...


Q: TYPES OF EQUITY Please tell me what type of business the following accounts belong to.  Also please ...

A: All the mention accounts belong to corporation business.


Q: The pertinent information about a piece of construction equipment follows: cost $180,000 Estimated U...

A: Calculate the amount of depreciable asset and depreciation per mile:


Q: The following data were accumulated for use in reconciling the bank account of Mathers Co. for July:...

A: Bank reconciliation:Bank statement is prepared by bank. The company maintains its own records from i...


Q: Computing and Assessing Plant Asset ImpairmentZeibart Company purchased equipment for $225,000 on Ju...

A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want a...


Q: CengageNOWv21Online teachin X ilm/takeAssignment/

A: Gross pay refers to the total amount of salary paid. It includes the amount for holiday pay, overtim...