GK
ACCOUNTING
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Question
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The basis adopted for piecemeal distribution of cash among the partners should be such that amounts finally left unpaid are in the ratio in which
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Profits and losses are shared
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Capital stands on the date of dissolution
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Private assets appear on the date of dissolution
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Capital balances stood at the beginning of partnership
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Explanation:
Detailed explanation-1: -PIECEMEAL PAYMENTS In order to ensure that the distribution of cash among the partners is in proportion to their interest in the partnership concern either of the two methods described below may be followed for determining the order in which the payment should be made.
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