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Video instructions and help with filling out and completing Corporate liquidation examples
Hi everyone Anthony here from creativa solutions today I'm looking at financial accounting and we're focusing specifically on partnerships I've seen a lot of students struggle specifically with the peaceful liquidation so today I'm going to take you through the theory relating to partnerships and I'm then going to look through an example from start to finish showing you how to actually approach a peaceful liquidation question all right guys obviously creative solutions is here to help creatively add value to help find solutions so the video that you're currently watching is going to be covering the theory relating to partnership liquidations and then I'm going to form a separate piece for you which will take you through an example question show you the calculations and the steps to complete a peaceful liquidation so if you do want the question please go to the website WWWE be solutions calm down at the question and answer which will be posted there and also follow us on Twitter at creativa underscore s and stay tuned and watch our YouTube channel for any support content that will be released alright guys so to start off liquidation of partnerships do partnerships loss River no they don't hardships can end and if you've gone to the theory you'll remember that a partnership is not a separate legal entity so partners actually create the business partnerships let's say a and B okay there are two partners operating a partnership they are the business a and B are the business if one partner wants to leave this partnership has to be dissolved or if new partners had to come into the business then you'd also have to inverted commas dissolve the partnership and then create a new one right so in this particular video we're going to be focusing on the liquid right so what happens when Partners decide to end the partnership and go these input ways obviously we need to look at valuation okay because those partners would have created value over the life of the business and something like goodwill which you've covered in previous sections K relating to purchase goodwill so when two partners operating and let's say a third partner want to join the company then they'll obviously be goodwill will be creative for that particular entity all right so the first bits is obviously looking at what will happen when a part ship is insolvent okay so then we'll obviously considering a liquidation and insolvency or sequestration right so if we're looking at the liquidation what is actually going to happen well we know it partially to need to settle all its outstanding debt first before paying out any other partners right assets must be converted to cash we obviously need to sell assets in order to cover the liabilities and anything that's left over will then be paid to the partners that's the most important to remember guys is to always settle our standing liabilities right creditors are paid.