Upon the dissolution of partnership business, the party t...
Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is
Unsecured creditors
Partner's loan and advances
Secured creditors
Partner's capital
Correct answer is C
A secured creditor is generally a bank or other asset-based lender that holds a fixed or floating charge over a business asset or assets. When a business becomes insolvent, sale of the specific asset over which security is held provides repayment for this category of creditor.
Which of the following relates to cash basis of accounting? ...
Lighting..................N2925 Rent......................N2640 Salary....................N4050 ...
The purchase of two generators by Hassan Electronics Enterprises should be recorded as? ...
Books of original entry are used for ...
Use the following information, \(\begin{array}{c|c} & Le\\ \hline \text{Sales} & 183,40...
The total of the discount from creditors is transferred to ...
Credit sales were debited to A. Akpan instead of B. Akpan. This is an error of ...
The necessary accounts to be opened on the issue of ordinary share capital are? ...