In the partnership of ABC, B sold the partnership interest share to D. Who will receive the cash payment made by D? O partner B O the partnership O partners A, B and C O partners A and B
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- A partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partnerWhen a partnership dissolves, the first step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partnersWhen a partnership dissolves, the last step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partners
- In a partnership ABC, engaged in the flowershop business, the liabilities of the partners are as follows: A – P20, 0000 B – P50, 000 C – P30, 000.i. Can B engage in the same business? Why or why not? ii. How shall any profit and loss be divided among the partners? iii. Suppose D is an industrial partner. What shall be his share?If A is the total capital of the partnership before the admission of a new partner, B is the total capital of the partnership after the investment of a new partner, C is the amount of the new partner’s investment, and D is the amount of capital credit to the new partner, then there isa) A bonus to the old partner if B = A + C and D=C.b) A bonus to the new partner if B = A + C and D=C.c) A bonus to the old partner if B = A + C and D>C.d) A bonus to the new partner if B = A + C and D>C.1) A partner may be admitted into a partnership by I. Investing assets in the partnership II. purchasing a partner's interest III. contributing his/her services I, II or III I only II only I and III 2) X retired from the partnership of X, Y and Z. X received an amount in excess of his capital balance in settlement of his equity. All assets of the partnership are fairly valued. Under these circumstances, a. the partnership shall recognize goodwill b. the partnership shall recognize an expense c. the capital balances of Y and Z would decrease d. the capital balances of Y and Z would not be affected 3) A partner may withdraw or retire from the partnership by a. selling his interest to an outsider b.payment of his interest from partnership funds c. selling his interest to one or more of the…
- M and N admits O as a new partner. The partnership statement of financial position immediately before the admission of C is shown below:1) A partner may withdraw or retire from the partnership byA. selling his interest to an outsiderB.payment of his interest from partnership fundsC. selling his interest to one or more of the remaining partnersD. any of the above 2) X retired from the partnership of X, Y and Z. X received an amount in excess of his capital balance in settlement of his equity. All assets of the partnership are fairly valued. Under these circumstances,A. the partnership shall recognize goodwillB. the partnership shall recognize an expenseC. the capital balances of Y and Z would decreaseD. the capital balances of Y and Z would not be affected 3) A partner may withdraw or retire from the partnership byA. selling his interest to an outsiderB. payment of his interest from partnership fundsC. selling his interest to one or more of the remaining partnersD. any of the above=What is the capital balance of C after the admission of D to the partnership?
- S1: An advance to partnership by a partner with the assumption of its repayment by the partnership increases the capital account of the partnership. S2: Drawing account is debited for obligations of the partnership assumed by a partner a. both statements are true b. both statements are false c. only S1 is true d. only S1 is false.Which of the following will decrease the capital balance of a partner? A. Share in partnership profit. B. Receipt of share in revaluation surplus from a partnership property, plant and equipment. C. Drawing made by a partner. D. Advances made by partner to the partnership.When a new partner is admitted into the partnership by investment, the following take place except O Total assets and total partners' equity will decrease, unlike admission by purchase of interest. O Investment of non-cash assets must be recorded at current or fair market value. O. It is a transaction between the partnership and the incoming partner O. It involves the investment of assets by new partner into the partnership