In accounting for dissolution of a partnership:

Question

Answer

journal entries are made to make the balances of all accounts zero

Answer

the balances in the liability accounts are only settled after paying the credit balances in the capital and current accounts of the partners

Answer

the balances in the capital and current accounts of the partners remain in the partnership to allow the partnership to continue as a going concern

Answer

journal entries are made to make the balances in assets accounts zero

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