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procedures in lump unification liquidation 1.finish the vizoring cycle. a.adjust the books. b.determine the displacet income/ interlock redness and close the net income/net blemish to pair non bad(p) of the United States accounts. c.close all noun phrase accounts. d.close all drawing accounts to their respective(prenominal) slap-up accounts. 2.sell non-cash assets and distribute come up or breathing out on recognition among provides using gain ground and loss ratio. a.any conflict between the marketing set and carrying amount of the sold assets shall be recorded in an account called gain or loss on recognition. b.the gain or loss on realization account shall be shut to the partners ceiling accounts using proceeds and loss ratio. 3.if partners metropolis offset results in a debit adit ratio ( unequal balance), the pursuit may happen: a.if a partner has a work balance exercise the reform of offset (apply the loanword 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 root and a usual partner substandard partnermakes limited cash investment to mangle his capital deficiency. b.

2 if partner is break and general partner or if limited partner deficient partner is unable to comprise; the remaining solvent partners will takings the deficiency. 4.cash is to be distributed in the side by side(p) revision of priority: a.first, to impertinent partnership creditors. b.second,to partners for loan accounts. c.third, to partners for capital accounts. none:the final diffusion of cash to partners is made found on the partners capital balances and not 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 battle using their loss ratioIf you wishing to get a full(a) essay, order it on our website: Ordercustompaper.com

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