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  © Pearson Education, Inc. publishing as Prentice Hall16-1 Chapter 16: Partnership Liquidation by Jeanne M. David, Ph.D., Univ. of Detroit Mercy to accompany  Advanced Accounting , 10 th editionby Floyd A. Beams, Robin P. Clement, Joseph H. Anthony, and Suzanne Lowensohn  © Pearson Education, Inc. publishing as Prentice Hall16-2 Partnership Liquidation: Objectives 1.Understand the legal aspects of partnership liquidation.2.Apply simple partnership liquidation computations and accounting.3.Perform safe payment computations.4.Understand installment liquidations .5.Learn about cash distribution plans  for installment liquidations.6.Comprehend liquidations when either the  partnership or the partners are insolvent .  © Pearson Education, Inc. publishing as Prentice Hall16-3 1: Legal Aspects of Liquidation  Partnership Liquidation  © Pearson Education, Inc. publishing as Prentice Hall16-4 Process of Liquidation 1.Convert noncash assets to cash 2.Recognize gains or losses and expenses3.Settle all liabilities4.Distribute cash to partners according to balances in capital accounts Assumes  –  Business is solvent  –  Partners have equity in net assets  –  No partner loans  –  Assets are converted to cash before cash is distributed to partners
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