uestion 7 I. The legal personality of the expiring partnership persists for the limited purpose of winding up and closing of the affairs of the partnership. II. After dissolution, all the transactions of the partnership should not only pertain to liquidation which will happen over a period of time. a. Only I is correct b. Only II is correct c. Both are true d. Both are false
uestion 7 I. The legal personality of the expiring partnership persists for the limited purpose of winding up and closing of the affairs of the partnership. II. After dissolution, all the transactions of the partnership should not only pertain to liquidation which will happen over a period of time. a. Only I is correct b. Only II is correct c. Both are true d. Both are false
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question 7
I. The legal personality of the expiring partnership persists for the limited purpose of winding up and closing of the affairs of the partnership.
II. After dissolution, all the transactions of the partnership should not only pertain to liquidation which will happen over a period of time.
a. Only I is correct
b. Only II is correct
c. Both are true
d. Both are false
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