In the liquidation of a partnership, a loan from a partner a. Will be paid off at the same time as payment of other liabilities of the partnership b. Will be paid off before distribution of cash to partners for their capital investments c. Will be closed to the partner's drawing account d. Will be written off

Principles of Accounting Volume 1
19th Edition
ISBN:9781947172685
Author:OpenStax
Publisher:OpenStax
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 8MC: A well written partnership agreement should include each of the following except ________. A. how to...
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Accounting
In the liquidation of a partnership, a loan from a
partner
a. Will be paid off at the same time as payment
of other liabilities of the partnership
b. Will be paid off before distribution of cash to
partners for their capital investments
c. Will be closed to the partner's drawing
account
d. Will be written off
Transcribed Image Text:Accounting In the liquidation of a partnership, a loan from a partner a. Will be paid off at the same time as payment of other liabilities of the partnership b. Will be paid off before distribution of cash to partners for their capital investments c. Will be closed to the partner's drawing account d. Will be written off
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