The transactions relating to liquidation in partnership a...
The transactions relating to liquidation in partnership account is drawn by using?
Current account
Cash account
Capital account
Realization account
Correct answer is C
If the partnership decides to liquidate, the assets of the partnership are sold, liabilities are paid off, and any remaining cash is distributed to the partners according to their capital account balances. If a partner's capital account has a deficit balance, that partner should contribute the amount of the deficit to the partnership.
Use the following information to answer given question \(\begin{array}{c|c} & ₦ \\ \hline \...
The sum of money given to a petty cashier out of which small payments are made is a/an ...
The tier of government that uses financial memorandum is the? ...
Capital: opening balance 307,000 closing balance 342,000 Net profit for the period 121,600 Openin...
A partnership on admitting a new member, revalued the business' land and building from N30,000 t...
Which of the following items will appear in the Total Creditors Account? ...
A company paid cash in redemption of N10,000 debenture. The accounting entry to record this w...
When expenses are paid on behalf of the venture, the accounting entries is to debit ...