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Summary fac1602 assignment 2 2024 semester 1
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FAC1602 Assignment 2 (COMPLETEANSWERS) Semester 1 2024 (169265)
DUE 10 April 2024
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, Which one of the following alternatives is false?
a. With a simultaneous liquidation, the liquidation
account (a pro t or loss on liquidation) is transferred to
the partners' capital accounts in their pro t-sharing
ratio.
b. A piecemeal liquidation will ensure that assets are
realised at the best possible selling price.
c. A simultaneous liquidation allows a partnership to
continue with activities until the liquidation of all the assets
is concluded.
d. With a simultaneous liquidation, a single liquidation
account is prepared.
e. A piecemeal liquidation allows a partnership to
continue with activities.
f. In the case of a piecemeal liquidation, a liquidation
account is prepared for each phase of the liquidation
process.
Clear my choice
Which one of the following alternatives is correct regarding
the revaluation surplus in a partnership when there is a
change in ownership?
a. The revaluation surplus forms part of the equity of the
partners and must allocated to the current accounts of
the existing partners in their existing pro t-sharing
ratio.
b. The revaluation surplus forms part of the equity of the
partners and must allocated to the capital accounts of
the existing partners in their new pro t-sharing ratio.
c. The revaluation surplus forms part of the equity of the
partners and must allocated to the capital accounts of
the existing partners in their existing pro t-sharing
ratio.
d. The revaluation surplus forms part of the liabilities of
the partnership and must allocated to reduce the
capital accounts of the existing partners in their
existing pro t-sharing ratio.
e. The revaluation surplus forms part of the equity of the
partners and will always be added to the current
accounts of the existing partners with a debit balance.
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