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What is the process of terminating the business

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Reference no: EM132812770

Identify:

Question 1: What is the process of terminating the business, selling the assets, paying the liabilities and distributing the remaining cash to the partners.

Question 2: A deficit in capital account is reduced to zero through the partnership's loan payable.

Question 3: A liquidation in which all the assets are converted into cash over a short period, enabling all creditors to be paid, with any remaining cash being distributed according to the partner's capital balance.

Question 4: These have priority over the claims of partnership creditors to the personal assets of a partner.

Question 5: partner's capital interest that is available for cash payment.

Reference no: EM132812770

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