Partnership It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio. Liquidating Partnership The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared. The amount received by P as final distribution from liquidation of partnership.

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Chapter 12, Problem 12.5APE

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

Liquidating Partnership

The winding up of process of partnership is called liquidation of partnership. At the time of liquidation of partnership realization of account is prepared.

The amount received by P as final distribution from liquidation of partnership.

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