All but one of the following is included in partnership winding up activities: a. Signing new contracts for the partnership. b. Accounting to each partner for the value of his or her interest. c. Paying debts. d. Preserving partnership assets. e. Collecting partnership assets.

Question

Business

Jayden Henry

24 September, 19:25

All but one of the following is included in partnership winding up activities: a. Signing new contracts for the partnership. b. Accounting to each partner for the value of his or her interest. c. Paying debts. d. Preserving partnership assets. e. Collecting partnership assets.

+2

Answers (1)

Know the Answer?

Anabelle Andersen · Answer 1

Signing new contracts for the partnership.

Explanation:

Winding up is one of the final two stages in the termination of a partnership. At this stage, the partnership continues to exist legally until all the business affairs are terminated. The collection and distribution of assets is the final business transaction of a partnership.

At the winding-up stage, the main activities involve debt settlements, collections, and distribution of assets among the partners. The business, therefore, does commit to new business. It cannot sign more contracts.