The liquidation of a partnership can be a complex and time-consuming process. What basic guidelines should be followed in order to ensure that the process is proper?

Q: The admission of a new partner to an existing partnership -requires purchasing the interest of one…

A: In admission of a new partner to an existing partnership the old partners may sacrifice some portion…

Q: If the income of a partnership is not sufficient enough to satisfy all of the provisions of the…

A: When partnership business income is not sufficient to satisfy all the provision of partnership…

Q: What accounting steps are taken by a partnership firm when a new partner is unable to bring the…

A: When a new partner is not able to bring the business guaranteed by him, then the guaranteed amount…

Q: What is the difference between the dissolution of a partnership and the liquidation of partnership…

A: Liquidation of partnership:   Liquidation of partnership is the process of selling all the…

Q: A withdrawing or retiring partner cannot sell his interest to any person without informing first the…

A: A partnership is a business form that is conducted by two or more partners who are agreed to share…

Q: he admission of a new partner to an existing partnership   requires purchasing the interest of one…

A: Solution: When there is change structure of partnership like admission of retirement of partner, the…

Q: Which of the following is NOT true about the statement of financial position of a partnership? The…

A: Statement of financial position is a part of financial statements in which assets and liabilities…

Q: There is no impact on the statement of comprehensive income of a partnership when a partner…

A: The drawings are the cash or assets withdrawn by the owner or partner for his personal use. The…

Q: partnership

A: Partnership is a relationship between the two or more persons who are agreed to share profit of the…

Q: In case of opposition to the decision of the managing partner on acts of administration, the…

A: Managing partner may execute all acts of administration.  He may be removed by ordinary resolution…

Q: If you decide to join a partnership, which type of admission would you choose and why?

A: Solution Partnership means a business that has two or more owners who agree to share profits and are…

Q: in a partnership liquidation , the accountant's primary responsibility is to manage the company in a…

A: A liquidation of a partnership is the process of paying off liabilities, selling assets, and…

Q: Why an outstanding weakness of a limited partnership interest as an investment is its lack of…

A: Partnership: It can be defined as an arrangement in which all the parties provide their respective…

Q: Why is it important for all partners in a partnership to be on the same page in regard to the method…

A: A partnership appears to be a private firm formed by two or more individuals that may or may not be…

Q: If a partnership contract does not state the period of time the partnership is to exist, when does…

A: Partnership deed is a written declaration of agreement among the partners specifying rules and…

Q: Which one of the following would not be considered a disadvantage of the partnership form of…

A: The question is related to the Partnership Accounting. Partnership is based on mutual agency…

Q: Partnership dissolution can be in the following ways except?   Select one: a. Wish of any partner…

A: There are two types Dissolution of partnership and dissolution of firm Dissolution of partnership…

Q: State any two grounds on the basis of which court may order for the dissolution of partnership firm.

A: Dissolution of Partnership: Dissolution of partnership occurs as a result of admission of new…

Q: It means "choice of the person". Due to this principle, no one can be a member of the partnership…

A: As per the principle of choice of the person, every partner has a right to choose his partner.

Q: This characteristic explains why partners have a right to choose or refuse who they want to be…

A: A partnership is a form of business that agrees to carry a business and share the profits according…

Q: A capitalist partner is not allowed to enter into a new partnership if it is a competing business.…

A: Diligence – The obligation of the partner is to act diligently in her decisions on behalf of the…

Q: What are the steps involved in a partnership liquidation?

A: Solution: Introduction: A liquidation of a partnership process often starts with realization of non…

Q: If a new partner acquires partnership interest directly from the partners rather than from the…

A: when a new partner is admitted the existing partners’ capital accounts are reduced and the new…

Q: How does the risk associated with investment in a partnership differ for the general partner versus…

A: A partnership is a form of business where two or more persons are agreed to work together for a…

Q: Potential partners might not want to form a partnership because of the risk of having their personal…

A: The partnership is a form of business where two or more individuals agree to carry a business and…

Q: In the liquidation of a partnership, why might a partner be concerned that a fellow partner has a…

A: Given: The elimination of deficit net capital balance of fellow partners.

Q: Dissolution is the term which solely means to liquidate the partnership. Group of answer choices…

A: The answer is as fallows

Q: True or false The dissolution of a partnership occurs only when the partnership is terminating…

A: Meaning of the Dissolution of partnership is the winding up process of the business activities of…

Q: When goodwill already appears in the books of accounts, what should be the desired option under…

A: Goodwill is an intangible asset appearing under the heading fixed assets in the balance sheet.

Q: What is a partnership dissolution? Does dissolution automatically necessitate the cessation of…

A: Partnership: It is an agreement between two or more individuals who agree to form a business and…

Q: Dissolution of a partnership occurs when there is any change in the members of the partnership.…

A: Dissolution is the term of accounting, which means winding up the operations of the business or…

Q: Can partners limit the right of a partner to commit their partnership to contracts? Would such an…

A: a.

Q: Liquidating a partnership may be a time-consuming and difficult procedure. What fundamental rules…

A: Definition: Partnership: Two or more persons get together to establish a business entity owned and…

Q: Potential partners might not want to form a partnership because of the risk of having their personal…

A: solution concept partnership business partnership business is a unregistered business , with…

Q: Under the default rules of the ULPA, a limited partner who wishes to withdraw from a limited…

A: Limited Partnership: A limited partnership is when at least two individuals start a new business as…

Q: What is the meaning of the statement below? Please explain. In the partnership agreement, interest…

A: Liquidation process: All partners decided to end the partnership and distribute the assets after the…

Q: Which of the following procedures is not necessary in effecting a dissolution? Group of answer…

A: At the time of dissolution, all the undistributed dues of partners are distributed to the partners…

Q: Generally, the dissolution spares the partners from previous obligations entered into by the…

A: Dissolution of partnership means closing the business. there can be many reasons for dissolution of…

Q: What are some of the advantages and disadvantages of forming a partnership?

A: Partnership is defined as an arrangement, which is between the two or more people for overseeing the…

Q: Write TRUE if the state Any partner may cause the dissolution of the partnership at any te even…

A: We'll answer the first question as the exact one wasn't specified. Please submit a new question…

Q: The incorporation of a partnership is one cause of its dissolution. O True False

A:

Q: When a partnership makes a current (nonliquidating) distribution, loss is never recognized.…

A: Partnership is legal association of two or more person to carry out business activity and distribute…

Q: The partners' drawing accounts need not be closed to the capital accounts if the partnership opts to…

A: The partners' drawing accounts need not be closed to the capital accounts if the partnership opts to…

Q: Which one of the following alternatives is correct? A. The retirement of a partner from a…

A: Partnership refers to the one where two or more individuals join hands to operate a business…

Q: While death of a partner is a cause of partnership dissolution, a partner's incapacity to perform is…

A: The Dissolution refers to the end of a partnership’s existing relationship. When a partnership…

Q: A significant difficulty that entrepreneurs encounter is determining the kind of organization to…

A: The firm's goal is to make the company more profitable. The company's income statement may be used…