13. When Joshua purchased Jasmin's P1,000,000 capital interest for 12. When Joshua purchased Jasmin's P1,000,000 capital interest for P1,100,000, the resulting entry in the books of the partnership would liable for all obligations of the partnership contracted before his When a, new partner is admitted into an existing partnership, he is e: 11. admission. correct. at any time include a debit to cash in the amount of P1,100.000 o at his sole y expressly PL. 100,000, the resulting entry in the books of the partnership would include a credit to Joshua Capital of P1,100,000. to have the 4 Partner Victoria has a P750,000 credit balance in her capital account in the firm Victory partnership. If Victor purchased Victoria's equity interest in the firm for P1,000,000, the entry in the partnership books to record the transfer would include a credit to Victor's capital ship, but no ee as a new account of P750,000. liability of 15. In admission by purchase, payment is personally made to the partner from whom the interest is purchased resulting to mere transfer of odtai cies of the capital accounts from old to the new partner. 16. The termination of a partnership is the same as the liquidation of a partnership. unjustified in in the 17. Capital credit is the capital of a partner in the new partnership and is computed by multiplying the total agreed capital by the percentage share interest of the partner. ht be done 18. When a new partner is credited 25% interest in a partnership, he will also receive 25% of all future profits and losses. ithout the nsanity, incapacity, misconduct and persistent breach of partnership en a zero 30 partnership. nd adjust
13. When Joshua purchased Jasmin's P1,000,000 capital interest for 12. When Joshua purchased Jasmin's P1,000,000 capital interest for P1,100,000, the resulting entry in the books of the partnership would liable for all obligations of the partnership contracted before his When a, new partner is admitted into an existing partnership, he is e: 11. admission. correct. at any time include a debit to cash in the amount of P1,100.000 o at his sole y expressly PL. 100,000, the resulting entry in the books of the partnership would include a credit to Joshua Capital of P1,100,000. to have the 4 Partner Victoria has a P750,000 credit balance in her capital account in the firm Victory partnership. If Victor purchased Victoria's equity interest in the firm for P1,000,000, the entry in the partnership books to record the transfer would include a credit to Victor's capital ship, but no ee as a new account of P750,000. liability of 15. In admission by purchase, payment is personally made to the partner from whom the interest is purchased resulting to mere transfer of odtai cies of the capital accounts from old to the new partner. 16. The termination of a partnership is the same as the liquidation of a partnership. unjustified in in the 17. Capital credit is the capital of a partner in the new partnership and is computed by multiplying the total agreed capital by the percentage share interest of the partner. ht be done 18. When a new partner is credited 25% interest in a partnership, he will also receive 25% of all future profits and losses. ithout the nsanity, incapacity, misconduct and persistent breach of partnership en a zero 30 partnership. nd adjust
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
TRUE OR FALSE
Transcribed Image Text:13. When Joshua purchased Jasmin's P1,000,000 capital interest for
12. When Joshua purchased Jasmin's P1,000,000 capital interest for
P1,100,000, the resulting entry in the books of the partnership would
11. When a, new partner is admitted into an existing partnership, he is
liable for all obligations of the partnership contracted before his
pre:
admission.
correct.
p at any time
iaclude a debit to cash in the amount of P1,100,000.
ip at his sole
by expressly
PL. 100,000, the resulting entry in the books of the partnership would
include a credit to Joshua Capital of P1,100,000.
- to have the
4 Partner Victoria has a P750,000 credit balance in her capital account
in the firm Victory partnership. If Victor purchased Victoria's equity
interest in the firm for P1,000,000, the entry in the partnership books
to record the transfer would include a credit to Victor's capital
ership, but no
dee as a neW
account of P750,000.
ng liability of
15. In admission by purchase, payment is personally made to the partner
from whom the interest is purchased resulting to mere transfer of
capital accounts from old to the new partner.
lities of the
16. The termination of a partnership is the same as the liquidation of a
partnership.
r unjustified
nain in the
17. Capital credit is the capital of a partner in the new partnership and is
computed by multiplying the total agreed capital by the percentage
share interest of the partner.
ght be done
When a new partner is credited 25% interest in a partnership, he will
also receive 25% of all future profits and losses.
18.
without the
Insanity, incapacity, misconduct and persistent breach of partnership
ven a zero
partnership.
20.
and adjust
* partnership may be dissolved even without winding up process.
127
126
Transcribed Image Text:pleasure or for any reason which he deems sufficient by expressly
Any partner may cause the dissolution of the partnership at any time
even without the consent of other partners.
sole
Any partner may cause the dissolution of the partnership at hie
2.
withdrawing therefrom.
The principle of delectus personarum allows a partner to have the
if not the right, to dispose his interest in the partnership, but no
power or right to compel his co-partners to accept his vendee as a new
3.
power,
partner.
The dissolution of the partnership extinguishes the existing liability of
any partner.
weit odtal
The dissolution of the partnership discharges all liabilities of the
partnership. oo le
5.
The withdrawing partner is legally liable for damages for unjustified
dissolution but in no case can be compelled to remain in the
6.
noiaainbo to partnership.
7.
When a partner withdraws from a partnership, an audit might be done
and the assets reappraised or adjusted to fair market value.
irhs ble ns
8.
A new partner cannot be admitted into the partnership without the
consent of all the partners.
9.
It is possible to contribute into a partnership and be given a zelo
capital balance.
10. A withdrawing partner can demand for asset revaluation and adjuse
his capital interest.
111 1H4
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