If a partnership is liquidated, how is the final allocation of business assets made to the partners?
Question:
If a partnership is liquidated, how is the final allocation of business assets made to the partners?
a. Equally.
b. According to the profit and loss ratio.
c. According to the final capital account balances.
d. According to the initial investment made by each of the partners.
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The correct answer is c According to the final capital account balances Assuming the partnership is ...View the full answer
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Related Book For 
Advanced Accounting
ISBN: 978-1259444951
13th edition
Authors: Joe Ben Hoyle, Thomas Schaefer, Timothy Doupni
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