Final answer:
When a partnership is liquidated, the assets are sold to pay off debts, and the remaining funds are distributed among the partners. The three concluding steps to liquidating a partnership are settling debts and liabilities, selling the assets, and distributing the remaining funds.
Step-by-step explanation:
When a partnership is liquidated, it means that the partnership is being dissolved and its assets are being sold to pay off any remaining debts and distribute the remaining funds to the partners. The three concluding steps to liquidating a partnership are:
- Settling debts and liabilities: The partnership's debts and obligations are paid off using the funds from selling the assets.
- Selling the assets: The partnership's assets, such as property, equipment, and inventory, are sold to generate funds.
- Distributing the remaining funds: After settling all debts and selling the assets, any remaining funds are distributed among the partners based on their ownership percentages.