Liquidation of partnership : When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership. Dissolution of partnership: Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves. To determine: What is the difference between the liquidation and dissolution of partnership?

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Answer 1

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine

Liquidation of partnership:

When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership.

Dissolution of partnership:

Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves.

To determine:

What is the difference between the liquidation and dissolution of partnership?

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Kindly give a step by step details explaination of each answers especially question 5 and 6. Please, don't just give answers without explaining how we arrived at the answer. Thanks! The following are the questions: 1. What is the general journal entries the transactions described for Hogan Company. All sales are on account. Use the date of December 31 to make the entry to summarize sales for the year in the old territory and new territory. 2. Make the journal entries to record the write-off of accounts in the new territory. 3. Make the journal entry to record the write-off of accounts in the old territory. 4. Make the entry on December 31 to record uncollectible accounts expense for 20X1 for both territories. Make the calculation using the percentages developed by Hogan. 5. Let’s say the Allowance for Doubtful Accounts had a credit balance of $24,800 on September 30 before any of the above entries were made. Calculate the balance in the allowance account after…

Financial accounting

General Accounting

Answer 2

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine

Liquidation of partnership:

When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership.

Dissolution of partnership:

Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves.

To determine:

What is the difference between the liquidation and dissolution of partnership?

Expert Solution & Answer

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Check out a sample textbook solution

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Answer 3

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Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine

Liquidation of partnership:

When the business operation carried by a partnership firm is coming to an end, it is called liquidation of partnership.

Dissolution of partnership:

Dissolution of partnership means the agreement of partnership between the partners is coming to an end or dissolves.

To determine:

What is the difference between the liquidation and dissolution of partnership?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

Chapter 12, Problem 15RQ

To determine