When a partnership is terminated, the assets are turned into cash, and obligations are paid. dissolution. termination. realization. None of the above

Question

Business

Landin Hurst

27 January, 07:05

When a partnership is terminated, the assets are turned into cash, and obligations are paid. dissolution. termination. realization. None of the above

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Answers (2)

Know the Answer?

Hayden · Answer 1

The answer to your questions is letter D. None of the above.

Kallie Cortez · Answer 2

The correct option is NONE OF THE ABOVE.

When a partnership is terminated, the assets are are turned into cash and obligations are paid, the partnership is said to be WIND UP.

A partnership refers to a business relationship that involves two or more persons. A partnership dissolution is said to occur when one of the partners leaves the business. A partnership is said to be terminated when it stop operations. Partnership winding up involves the sales of the assets of the business, the payment of their business debts from the proceeds and the sharing of the remaining proceeds.