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
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
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I, II or III |
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I only |
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II only |
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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,
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a. the partnership shall recognize |
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b. the partnership shall recognize an expense |
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c. the capital balances of Y and Z would decrease |
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d. the capital balances of Y and Z would not be affected |
3) A partner may withdraw or retire from the partnership by
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a. selling his interest to an outsider |
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b.payment of his interest from partnership funds |
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c. selling his interest to one or more of the remaining partners |
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d. any of the above |
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