Question

in case of piecemeal distribution of cash .
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Answer 1

Answer:

1.  MEANING OF PIECEMEAL DISTRIBUTION OF CASH: If all the assets are realized immediately on dissolution of the firm, then all the liabilities may also be paid off and the partners will receive the amounts due to them on capital accounts at that time.

Answer 2

Answer:

The process followed to discharge the liabilities and claims of the partners as and when the assets are realised is called piecemeal distribution of cash. Order of Payment: The available cash and the cash collected on realisation of assets from time to time have to be distributed in the following order.

Explanation:

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