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Advanced Accounting, 5th Edition by Paul K. Chaney, Debra C. Jeter

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PARTNERSHIP LIQUIDATION

LEARNING OBJECTIVES

images Describe the steps used to distribute available partnership assets in liquidation under the Uniform Partnership Act (UPA).

images List the order of priority for each class of creditors in partnership liquidation under the UPA.

images Prepare a liquidation schedule to settle debts and allocate assets.

images Prepare a “safe payment approach” liquidation schedule.

images Describe the four steps in the preparation of an advance plan for the distribution of cash in a partnership liquidation.

images Prepare the journal entries to incorporate a partnership.

images In an article entitled “How to Achieve a Productive Partnership—Accounting Firms,” suggestions are provided on how to avoid or ...

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