After dissolution a partner has a debit balance on his capital account. Will he pay or receive
Question:
After dissolution a partner has a debit balance on his capital account. Will he pay or receive cash from the partnership bank account?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 40% (5 reviews)
When a partner has a debit balance on their capital account after the dissoluti...View the full answer
Answered By
Chandrasekhar Karri
I have tutored students in accounting at the high school and college levels. I have developed strong teaching methods, which allow me to effectively explain complex accounting concepts to students. Additionally, I am committed to helping students reach their academic goals and providing them with the necessary tools to succeed.
0.00
0 Reviews
10+ Question Solved
Related Book For
Cambridge International AS And A Level Accounting
ISBN: 9781444181432
1st Edition
Authors: Ian Harrison
Question Posted:
Students also viewed these Business questions
-
Amis, Lodge and Pym were in partnership sharing profits and losses in the ratio 5 : 3 : 2. The following trial balance has been extracted from their books of account as at 31 March 20X8: Additional...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
In August 1978, Wilbur and Dee Warnick and their son Randall Warnick contracted to purchase a ranch in Sheridan County for an agreed price of $335,000, with $90,000 down plus $245,000 in installments...
-
Given: Pre-tensioned cables AB and AD, having tensions of 27 and T, respectively, are attached to end A of the L-shaped bracket and exert forces of FAB and FA AD; respectively, on the bracket due to...
-
What are? (a) Preferred provider organizations (b) Health maintenance organizations? In your answer, explain how each is designed to alleviate the overconsumption of health care.
-
Alston Jewellery had sales revenues last year of $2.4 million, while its break-even point (in dollars) was $2.2 million. What was Alston Jewellerys margin of safety in dollars? What does the term...
-
A positively charged particle located at the origin of an \(x y z\) coordinate system spins about the \(z\) axis, and the spin is counterclockwise when viewed looking down from the positive \(z\)...
-
Fabulous Fakes Corporation is being liquidated under Chapter 7 of the bankruptcy act. All assets have been converted into cash, and $374,500 cash is available to pay the following claims: 1....
-
We have defined a PyTorch network class DAN for you. You need to implement the forward pass for your deep averaging network. To start, first implement average that averages the words in a review and...
-
From the following list identify the items that could be found on the debit side of a realisation account: bank balance discounts allowed discounts received dissolution costs inventory non-current...
-
A partnership is dissolved. a. Which account should be debited if a partner takes over the inventory of the business? b. Which account should be credited if a partner takes over one of the business...
-
According to a 2017 Gallup survey, the percentage of individuals in the United States who are invested in the stock market by age is as shown in the following table (Gallup website).? Suppose Gallup...
-
How does the artwork "The battle about money" by Pieter van der Heyden relates to finance? Link to artwork: https://www.metmuseum.org/art/collection/search/338702
-
What methodologies are employed to transform abstract goals into concrete, actionable steps in project management ?
-
Write down and explain the Put-Call parity for cash-or-nothing options.
-
1.Assume a company had sales for the past two years of 5,300,000 in 2010 and 5,830,000 in 2011, what yearly sales budget would be set if the same sales increase were applied when setting the budget...
-
A liability account with a normal credit balance describes the Select answer from the options below Owner's Equity account. Prepaid Rent account. Drawings account. Unearned Revenue account.
-
Lin Ceramics, a division of Sesnie Corporation, has an operating income of $63,000 and total assets of $360,000. The required rate of return for the company is 13%. The company is evaluating whether...
-
What will be the final value of DI after executing the following piece of code? Execute the instructions dependently one after another. CLD MOU CX,OFOH MOU AX.02874H MOU DI,01000H MOU ES, DI SUB...
-
What business benefits did the companies and services described in this case achieve by analyzing and using big data.
-
Identify two decisions at the organizations described in this case that were improved by using big data, and two decisions that were not improved by using big data.
-
List and describe the limitations to using big data.
-
The following graph shows the market for euros, which is initially in equilibrium. Suppose an economic expansion in Canada leads to an increase in the incomes of Canadian households, causing imports...
-
Provide a minimum of a 3-year history of the following: unemployment rate in the United States, inflation rate in the United States, and labor force participation rate in the United States. Indicate...
-
Evaluate leadership style which I believe is situational leadership. List three weaknesses, including how each strength relates to situational leadership theory. My weaknesses are delegation, equal...
Study smarter with the SolutionInn App