Question: TB MC Qu . 1 6 - 4 7 When a partnership is liquidated... When a partnership is liquidated on a piecemeal basis, and cash

TB MC Qu

. 16 - 47

When a partnership is liquidated...

When a partnership is liquidated on a piecemeal basis, and cash has been distributed properly to all partners as noncash assets have been turned into cash, all future cash distributions should be made:

I. In the profit and loss ratio.

.

According to the balances in the partners' capital accounts.

Multiple Choice

Neither I nor II is correct.

II only

I only

Both I and II are correct.

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