Which one of the following alternatives is false? Oa A piecemeal liquidation will ensure that assets are realised at the best possible selling price. Ob. A simultaneous liquidation allows a partnership to continue with activities until the liquidation of all the assets is concluded Oe A piecemeal liquidation allows a partnership to continue with activities Od With a simultaneous liquidation, the liquidation account (a profit or loss on liquidation) is transferred to the partners' capital accounts in their profit-sharing ratio: Oe In the case of a piecemeal liquidation, a liquidation account is prepared for each phase of the liquidation process OL With a simultaneous liquidation, a single liquidation account is prepared
Which one of the following alternatives is false? Oa A piecemeal liquidation will ensure that assets are realised at the best possible selling price. Ob. A simultaneous liquidation allows a partnership to continue with activities until the liquidation of all the assets is concluded Oe A piecemeal liquidation allows a partnership to continue with activities Od With a simultaneous liquidation, the liquidation account (a profit or loss on liquidation) is transferred to the partners' capital accounts in their profit-sharing ratio: Oe In the case of a piecemeal liquidation, a liquidation account is prepared for each phase of the liquidation process OL With a simultaneous liquidation, a single liquidation account is prepared
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Transcribed Image Text:Which one of the following alternatives is false?
Oa A piecemeal liquidation will ensure that assets are realised at the best possible selling
price.
Ob. A simultaneous liquidation allows a partnership to continue with activities until the
liquidation of all the assets is concluded
Oe A piecemeal liquidation allows a partnership to continue with activities
Od With a simultaneous liquidation, the liquidation account (a profit or loss on liquidation) is
transferred to the partners' capital accounts in their profit-sharing ratio:
Oe In the case of a piecemeal liquidation, a liquidation account is prepared for each phase of
the liquidation process
OL With a simultaneous liquidation, a single liquidation account is prepared
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