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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 simultaneous, unless the business is sold off as a going concern, i.e. a single unit.The partners may not be willing to wait for such long durations for the process to be complete before receiving their repayments of capital.It is therefore common practice to make interim distributions to partners as soon as a reasonable amount of cash is available. However, all liabilities must have been paid off by the time any distribution is made to a partner.
TERMINATION OF OFFICE OF TRUSTEE The trustee may vacate office in the following ways: 1. Resignation : He may resign at a meeting of creditors and with their consent. 2.
LIQUIDATION OF COMPANIES (a) Methods of Winding Up: A company may be wound up:By the court, Voluntarily, either as a members' or a creditors' winding up; or Subject to the s
#questionBroadway Scripts is a service-type enterprise in the entertainment field, and its manager, Joe Numbers, has only a limited knowledge of accounting. Joe prepared the follo
Problem: (a) Many businesses find it useful to maintain a control account in respect of both their trade receivables and trade payables. Describe why such control accounts ar
HOW DOES ACCOUNTING THEORY INFLUENCE ACCOUNTING POLICY MAKING
Evaluating the investment using return on capital employed: Annual depreciation charge = 1500000/5 = $300000 Average investment = 1500000/2 = $750000 Average annual
Property, plant and equipment Normal 0 false false false EN-US X-NONE X-NONE MicrosoftInternetExplorer4
Will you please summarize this mission statement of AICPA'S "The AICPA's mission is to provide members with resources, information and leadership that enable them to provide val
XYZ Inc. whose stock is currently valued at $125/share with an implied volatility of 40% has debt of $80/share. a. Assuming a global recovery rate of 50% and a standard deviatio
#question.how a contra might arise.
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