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Title: Advanced Accounting: Partnership Liquidation
Description: Summary of accounting for Partnership Liquidation.
Description: Summary of accounting for Partnership Liquidation.
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Process of Liquidation:
1
...
2
...
3
...
4
...
Capital balance + Loan from partner
2
...
Total interest of the partners
Liquidation expenses
Maximum Possible Loss (MPL)
Condoned Liability
Gain/Loss on Realization
Total cash paid to partners
xx
(xx)
(xx)
xx
xx/(xx)
xx
*If silent, partner is insolvent
...
Future liquidation expenses
Unpaid balance of outside creditors
Total cash withheld
Cash withheld = Future liquidation expenses
xx
xx
xx
Title: Advanced Accounting: Partnership Liquidation
Description: Summary of accounting for Partnership Liquidation.
Description: Summary of accounting for Partnership Liquidation.