Introduction to Partnership Liquidation | Advanced Accounting | CPA Exam FAR
Channel: Farhat Lectures. The # 1 CPA & Accounting Courses
Date: 2019-08-04

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The first step in the liquidation process is to compute any net income or loss up to the date of dissolution. The closing process should be completed and, as part of it, any net income or loss should be allocated to the partners in accordance with their profit and loss agreement.
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