Upon the dissolution of partnership business, the party t...
Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is
Unsecured creditors
Partner's loan and advances
Secured creditors
Partner's capital
Correct answer is C
A secured creditor is generally a bank or other asset-based lender that holds a fixed or floating charge over a business asset or assets. When a business becomes insolvent, sale of the specific asset over which security is held provides repayment for this category of creditor.
A subsidiary record is a book ...
Given: purchases ledger balance..............N4000 purchases for the period..............N50000 C...
\(\begin{array}{c|c} & ₦\\ \hline \text{Opening debtors} & 40,000\\ \text{Opening creditor...
The ratio which measures the solvency of a firm is the ...
Where fixed capital account is maintained, partners Share of profit is transferred to the ...
\(\begin{array}{c|c} & N \\ \hline Sales & 200,000 \\ \text{Opening Stock} & 20,000 \\ p...
Use the following information to answer the given question \(\begin{array}{c|c} & Le \\ \hl...