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Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
Edition 12ISBN: 978-0077862220 Exercise 19
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.
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.
Explanation
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Verified
Explanation :
At the time of liquidatio...
Advanced Accounting 12th Edition by Joe Ben Hoyle,Thomas Schaefer , Timothy Doupnik
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