he Double Diamond Ran he owner of the Double Diamond has decided to make a general assignment fc enefit of creditors to satisfy a portion of the liabilities. This arrangement will rovide A) Equal payments to all creditors. OB) Equal payments to the creditors consenting to the arrangement. OC) Pro rata payments to the creditors consenting to the arrangement. diters
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
![The Double Diamond Ranch has assets of $3,000,000 and liabilities of $8,000,000.
The owner of the Double Diamond has decided to make a general assignment for the
benefit of creditors to satisfy a portion of the liabilities. This arrangement will
provide
A) Equal payments to all creditors.
B) Equal payments to the creditors consenting to the arrangement.
C) Pro rata payments to the creditors consenting to the arrangement.
D) Pro rata payments to all creditors.
Beryl Barkam is starting a new business, Barkam Enterprises, which will be a sole
proprietorship selling retail novelties. Barkam recently received a discharge in a
Chapter 7 bankruptcy case, but certain proved claims were unpaid for lack of funds.
Which of the following would be a claim against Barkam?
O C) A personal loan by her father made in an attempt to stave off bankruptcy.
A) The unpaid amounts owed to secured creditors who received less than the
full amount after resorting to their security interests.
B) The unpaid amounts owed to trade suppliers for goods purchased and sold by
Barkam in the ordinary course of her prior business.
D) The unpaid amount of taxes due to the United States that became due and
owing within 3 years preceding bankruptcy.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F160843e9-bc2a-429c-98fe-673ba5c6f308%2F8fba8c2c-82fa-4e6f-9782-fd88ee76be5d%2Fem1r1d_processed.jpeg&w=3840&q=75)
![Buyer purchases a new smartphone for her personal enjoyment from Electronics
Dealer. Without the knowledge of Buyer, Dealer has financed the purchase of all its
inventory through Bux Finance Co. It also has given Bux a security interest in the
inventory that Bux perfected by filing. On these facts,
D) Buyer takes the smartphone free of any unperfected security interests but
subject to any perfected ones.
A) Bux loses its security interest because Buyer was a buyer in the ordinary
course of business.
B) Bux may repossess the collateral if Dealer defaults.
OC) Bux loses its security interest because the smartphone is a consumer good.](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F160843e9-bc2a-429c-98fe-673ba5c6f308%2F8fba8c2c-82fa-4e6f-9782-fd88ee76be5d%2F0h75hy8_processed.jpeg&w=3840&q=75)
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