Already have an account? Get multiple benefits of using own account!
Login in your account..!
Remember me
Don't have an account? Create your account in less than a minutes,
Forgot password? how can I recover my password now!
Enter right registered email to receive password!
DISSOLUTIONS
A partnership may be dissolved due to various reasons which include:
The main objective of accounting for dissolutions is to ensure that the dissolution transactions are recorded properly. These transactions involve; Selling the assets of the business and thereafter paying off dissolution expenses and liabilities of the partnership. The remaining costs are now paid off to the partners.In the process of selling off the assets, the assets may be sold off at a profit or loss this profit or loss is supposed to be shared by the partners according to the profit sharing ratio before the final payments are made to them.To facilitate the process of dissolution, a new account called realization account in which the assets being sold are transferred and the cash proceeds received on the sale of the assets. Generally, the realization account is supposed to record all profits or losses in return to dissolution and therefore dissolution expenses will also be posted here discounts received from creditors, and also discounts allowed to debtors.
The balance on the realization account is the profit or loss on dissolution that is closed off to the capital accounts.
ACCOUNTANCY PRINCIPLES (GAAP - GENERALLY ACCEPTED ACCOUNTING PRINCIPLES) Accounting values, rules of conduct and action are explained by a variety of terms for instance convent
Jensen Company has the following situation: Sales Price: $40 per unit Variable Cost Per Unit: $25 per unit Fixed Costs: $20,000 Units Sold: 4,000 Jensen is considering lowering the
Internal Rate of Return
Dissolution If the winding up continues for more than a year, the liquidator must file progress reports with the registrar at such intervals as the court may prescribe s.333. W
GoFlo is a small growing firm that is considering the purchase of another truck to serve GoFlo's expanding customer base. The new truck will cost $21,000 and should generate annual
Q. What do you mean by Grant date in Stock Option? Grant date - The date at which an employee and an employer reach a mutual understanding of key terms and conditions of a shar
Simons Corp has unadjusted net income from continuing operations before tax of $168,000 before the following items were entered in the accounting records in 2013: 1. Unrealized
Piecemeal Realizations and Distributions Partnership dissolutions may take a substantial number of days even months) so it is unlikely that all cash generated will be simultane
Adjudication order The court may adjudge the debtor bankrupt on the application of the O.R. or any creditor in the following cases: If the creditors so resolve at their first
Determine the future value of Rs.1000 compounded continuously for 5 year on the interest rate of 12 percent per year and contrast it along with annual compounding. Solution :
Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!
whatsapp: +1-415-670-9521
Phone: +1-415-670-9521
Email: [email protected]
All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd