Accountancy, asked by abinrajesh59, 10 months ago

Explain the accounting steps for the dissolution of a firm

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Answered by Anonymous

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Answer:

The following four accounting steps must be taken, in order, to dissolve a partnership: sell noncash assets; allocate any gain or loss on the sale based on the income-sharing ratio in the partnership agreement; pay off liabilities; distribute any remaining cash to partners based on their capital account balances.

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