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Dissolutions situations
There are two situations that need to be considered under dissolutions. These are:-1) Where the assets are sold at once (one single transaction)2) Assets are sold on piece meal basis.Under this situation, the partners are able to get a single buyer who buys al the assets in a single transaction. The buyer could be an individual, sole trader, another partnership or a company. this kind of situation is straightforward because the partners can be able to determine profit or loss on dissolution immediately.
Blue sky Company's 12-31-13 balance sheet reports assets of $5,000,000 and liabilities of $2,000,000. All of the book value's are the same as the market values except for land, whi
What are the sailent features of branches
Cherry Ltd has the following segment information from the consolidated financial statements for the years ended 31 December 2011 and 2012: Operating segments C V I N$ N$ N$ Sales
How is Accounting information useful to A prospective Investor?
Generally Accepted Accounting Principles (GAAP) are guidelines for companies to follow as tehy prepare and issue financial statements. Let's start by getting an understanding of wh
GOODS AT BRANCH MARKED DOWN, OR MARKED UP BY AN ADDITIONAL AMOUNT If goods at the branch are not selling well, branch could be authorized by the Head office to mark-down the good
APPOINTMENT OF TRUSTEES Capacity : Any person with legal capacity to hold property may be a trustee, except an infant. But the court will not appoint, and may remove:Persons u
In January, 2008, Sanford Corporation purchased a patent for a new product for $1,200,000. The patent was valid for fifteen years but it was estimated to have a useful life of ten
Question: Mada Air Ltd is thinking of diversifying its activities in order to cope with the financial crisis. After careful evaluation its research and development team has pro
Ocean Atlantic Co. is a merchandising business. the account balances for Ocean Atlantic co. as of July 1, 2012 (unless otherwise indicated), are as follows: 110 Cash 63,600 1
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