When a Partnership Is Liquidated on a Piecemeal Basis and Cash

question 39

Multiple Choice

When a partnership is liquidated on a piecemeal basis and cash has been distributed properly to all partners as noncash assets have been turned into cash,all future cash distributions should be made:
I.In the profit and loss ratio.
II.According to the balances in the partners' capital accounts.

• A)I only
• B)II only
• C)Both I and II
• D)Neither I nor II

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Definitions:

Derived Class

A class that inherits properties and methods from another class, also known as a child or subclass.

Base Class

A class from which other classes are derived or inherit properties and methods in object-oriented programming.

Constructor Invocation

The process of creating an instance of a class by calling its constructor, which initializes the new object.

Derived Class

A derived class, also known as a subclass, in object-oriented programming, is a class that inherits properties and behaviors from another class called the base class.