Monday, February 3, 2014

Yeeah

procedures in lump sum liquidation 1.finish the accounting cycle. a.adjust the books. b.determine the grab income/net redness and close the net income/net button to mates non bad(p) of the United States accounts. c.close all nominal accounts. d.close all tipple accounts to their respective slap-up accounts. 2.sell non-cash assets and distribute progress or qualifying on recognition among partners using gain and departure ratio. a.any contravention between the selling set and carrying amount of the sold assets shall be recorded in an account called gain or spillage on actualization. b.the gain or loss on realization account shall be closed to the partners ceiling accounts using realize and loss ratio. 3.if partners heavy(p) offset results in a debit entry commensurateness ( unequal residual), the pursual may happen: a.if a partner has a render balance exercise the right of offset (apply the loan balance against the debit balance). b.if t here is no loan or if with child(p) balance still results in a debit balance: b.1 if partner is solvent and a general partner deficient partnermakes special cash investment to remove his capital deficiency. b.2 if partner is bankrupt and general partner or if modified partner deficient partner is unable to gestate; the rest solvent partners will take the deficiency. 4.cash is to be distributed in the undermentioned order of priority: a.first, to outside partnership creditors. b.second,to partners for loan accounts. c.third, to partners for capital accounts. note:the final diffusion of cash to partners is made ground on the partners capital balances and not based on the profit and loss ratio. marivic valenzuela-manalo 3 5.when cash is not sufficient to pay creditors, the solvent general partners shall contribute the difference using their loss ratioIf you want to get a full(a) essay, order it on our website: BestEssayC heap.com

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