Reference no: EM132812778
Problem 1: In accounting for liquidation of a partnership, cash payments to partners after all outside creditors' claims have been satisfied, but before the final cash distribution, should be made according to:
a. the partners' profit and loss sharing ratio
b. the final balances in partners' capital accounts
c. partner's share of the gain or loss on liquidation
d. safe payments computation
Problem 2: In an instalment liquidation, the final cash distribution to the partners should be made in accordance with the
a. Ratio of the original capital contributions plus additional investment
b. Ratio of the capital contributions less withdrawals by the partners
c. Profit and loss sharing ratio
d. Balances of the partners' loan and capital accounts
Problem 3: What is the accounting treatment for a corporate organization cost?
a. intangible asset
b. operating expense
c. deduction from share capital
d. other asset
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