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What do call the process of converting non-cash assets

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Reference no: EM132928001

Problem 1: What shall not affect the capital balance?

Option 1: Receipt of bonus by a partner from another partner based on the agreement

Option 2: Additonal investment by a partner tot the partnership

Option 3: Share of the partner in the partnership's net profit.

Option 4: Advances made by the partner to the partnership

Problem 2: What do you call the process of converting the non-cash assets of the partnership and distributing the total cash to the creditors and the remainder to the partners?

Option 1: Liquidation

Option 2: Dissolution

Option 3: Operation

Option 4: Termination

Problem 3: What statement refers to partnership dissolution?

Option 1: It refers to the process of converting the non-cash assets of the partnership and distributing the total cash to the creditors and the remainder to the partners.

Option 2: It refers to the extinguishment of the juridical personality of the partnership.

Option 3: It refers to the change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the partnership

Option 4: It refers to the end of the life of the partnership.

Reference no: EM132928001

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