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ILW1501 Assignment 1 Quiz 2024
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ILW1501 Assignment 1 Quiz 2024
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1. UNISA2. 2024
3. FAC2601-24-S1
4. Welcome Message
5. Assessment 2
QUIZ
Assessment 2
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Question 1
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Which one of the following alternatives is false?
a. With a simultaneous liquidation, the liquidation account (a profit or loss on liquidation) is transferred to the partners'
capital accounts in their profit-sharing ratio.
b. A piecemeal liquidation allows a partnership to continue with activities.
c. In the case of a piecemeal liquidation, a liquidation account is prepared for each phase of the liquidation process.
d. A simultaneous liquidation allows a partnership to continue with activities until the liquidation of all the assets is
concluded.
e. A piecemeal liquidation will ensure that assets are realised at the best possible selling price.
f. With a simultaneous liquidation, a single liquidation account is prepared.
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Question 2
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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 will always be added to the current accounts of
the existing partners with a debit balance.
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 profit-sharing ratio.
c. 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 profit-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 profit-sharing ratio.
e. The revaluation surplus forms part of the equity of the partners and must allocated to the current accounts of the
existing partners in their new profit-sharing ratio.
f. 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 profit-sharing ratio.
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