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FAC1602 Assignment 4 QUIZ (Complete Answers) Due April 2024
Question 1
Which one of the following alternatives is false?
a. With a simultaneous liquidation, the liquidation account (a prot or loss on liquidation) is
transferred to the partners’ capital accounts in their prot-sharing ratio.
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b. A piecemeal liquidation will ensure that assets are realised at the best possible selling price.
c. A simultaneous liquidation allows a partnership to continue with activities until the liquidation of all the assets is concluded.
d. With a simultaneous liquidation, a single liquidation account is prepared.
e. A piecemeal liquidation allows a partnership to continue with activities.
f. In the case of a piecemeal liquidation, a liquidation account is prepared for each phase of the liquidation process.
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