The last step taken in liquidating a partnership is to:
A) sell the assets.
B) divide profits on assets with partners.
C) pay creditors.
D) distribute the remaining cash according to partners' capital balances.

Question

Quizplus · Accepted Answer

The last step in liquidating a partnership involves distributing the remaining cash or assets to the partners according to their capital balances after all assets have been sold, creditors have been paid, and any profits or losses have been allocated.

The Last Step Taken in Liquidating a Partnership Is To