1. In the liquidation of general partnership, which of the following claims shall be settled first by the liquidating partner? Group of answer choices a. Advances made by capitalist partner to the partnership b. Employee benefits of workers c. Capital contribution by the managing partner d. Share in profit by the industrial partner
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1. In the liquidation of general partnership, which of the following claims shall be settled first by the liquidating partner?
Group of answer choices
a. Advances made by capitalist partner to the partnership
b. Employee benefits of workers
c. Capital contribution by the managing partner
d. Share in profit by the industrial partner
2. A partners retires from the partners and receives an amount higher than his capital balance at the time of his retirement. Under Philippine GAAP, which of the following explanation is valid if the capital balances of the remaining partners increase after such retirement?
Group of answer choices
a.
b. Bonus has been given by remaining partners to retiring partner.
c. Bonus has been given by the retiring partner to the remaining partners.
d. Asset revaluation has been recognized at the time of retirement.
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