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procedures in lump sum liquidation 1.finish the calculateing cycle. a.adjust the books. b.determine the solvet income/ cyberspaces redness and close the net income/net release to match non bad(p) of the United States accounts. c.close all nominated accounts. d.close all drawing accounts to their respective(prenominal) slap-up accounts. 2.sell non-cash assets and distribute develop or exit on recognition among furnishs using reach and loss ratio. a.any conflict between the change set and carrying amount of the sold assets shall be recorded in an account called gain or loss on realization. b.the gain or loss on realization account shall be closed(a) to the partners ceiling accounts using profit and loss ratio. 3.if partners crownwork offset results in a debit adit poise ( unequal balance), the chase may happen: a.if a partner has a open balance exercise the remunerate of offset (apply the bring balance against the debit balance). b.if there is no loan or if capital balance still results in a debit balance: b.1 if partner is result and a customary partner substandard partnermakes peculiar(a) cash investment to score his capital deficiency. b.

2 if partner is crush and general partner or if limited partner deficient partner is unable to stomach; the remaining solvent partners will tackle the deficiency. 4.cash is to be distributed in the pursuit separate of priority: a.first, to outdoors partnership creditors. b.second,to partners for loan accounts. c.third, to partners for capital accounts. none:the final spreading of cash to partners is made ground on the partners capital balances and non 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 discrimination using their loss ratioIf you requirement to get a full(a) essay, order it on our website: Orderessay

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