16. A person may become a partner in a partnership by all of the following methods except A. Investing in the partnership with a bonus to the new partners B. Making a loan to the partnership C. Investing in the partnership with a bonus to the old partnes D. Purchasing a partner's interest

Q: 6. In partnership liquidation the first cash distribution should be made for A) partner capital B)…

A: Answer:-  Partnership liquidation meaning:- Liquidation of partnership takes place when partners…

Q: Question: True or False 1) According to the Partnership Act, the profit of the partnership business…

A: Partnership is a contract or agreement between two or more than two persons. This is one of the form…

Q: The investment of assets in a partnership by a partner increases both the partnership's

A: When a partner contributes assets to a partnership, these assets become a part of the partnership's…

Q: Which of the following profit and loss methods completely disregards the services rendered by the…

A: Service provided by the partner in the Partnership: When one or more partners provide the services…

Q: ould on

A: Partnetship is an agreement between two or more person in which they have agreed to run the business…

Q: I. It is possible to invests assets into the partnership and be given zero capital credit. II. Total…

A: In the above question, we have to identify whether the mentioned statements are True or False.

Q: nus is given to the old partners-

A: Partnership is a relationship between the two or more persons who are agreed to share profit of the…

Q: 10. It comprises all that the partners may acquire by their industry or work during the existence of…

A: Answer: As per Q/A guidelines, we have to answer first question. Please repost the rest to be…

Q: 16- Mutual agency means Top of Form Multiple Choice Creditors can apply their claims to…

A: A mutual agency is an agreement where one partner can bind the entire partnership into a contract.

Q: a partner in the business.

A: 10 :- True 11 :- False 12 :- False

Q: Debited to partners' capital account

A: Correct Answer :- C Debited to partner capital.

Q: 1. All partnerships have general partners. 2. Each partner generally has the authority to enter into…

A: Since you have posted multiple questions, we will provide the solution only to the first five…

Q: 15. Which statement(s) is incorrect? * -Income summary account is closed directly to capital…

A: Answer: Concept: Partnership firm is the association of two or more person. They agree to share…

Q: Which of the following statements is generally correct? I. A limited partner in a limited…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: A new partner acquires two main rights in the partnership firm which he joins. State one of these…

A: Definition:   Partnership: This is the form of business entity that is formed by an agreement, owned…

Q: The partner in a limited partnership that has unlimited liability is referred to as the Seleccione…

A: d. general partner.Explanation:General Partner in a Limited Partnership:In a limited partnership,…

Q: Which of the following statements is TRUE? O Admission of a partner by investment will change total…

A: When a new partner is admitted by way of investment, he adds resources that can be used for the…

Q: Which is true regarding admission of a new partner accounted for under the bonus method? *…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: 3- The objective of preparation of income statement of partnership is: a. To show the ratio of…

A: The income statement shows the net income earned by the partnership firm during the year. Net income…

Q: Accounting - Partnership Does unlimited liability of a partner for partnership debt an advantage…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: The objective of preparation of income statement of partnership is: a. To show how net profit has…

A: The income statement is one of the important financial statements of the business.

Q: Under the bonus method, when a new partner is admitted to the partnership, the total capital of the…

A: Partnership characteristics includes: Sharing of profits and losses Mutual agency Unlimited…

Q: 5. In limited partnership at least one partner should be: a.Creditor b.Money lender c.General…

A: General Partner in a Limited Partnership is responsible for the affairs of the partnership firm.…

Q: A partner is to a partnership like a(n) ______________ is to a corporation   a. Officer b.…

A: A partnership appears to be a non-formal firm run by more than one individual. The most frequent…

Q: Which one of the following is a gain to the partnership firm? a.Interest on drawings b.Interest on…

A: Solution: Interest on capital is expense or division of profit by partnership to partners. Interest…

Q: Which of the following is true in relation to a partnership? a. A partnership is a separate legal…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: 4. The objective of preparation of income statement of partnership is: a.To show the income and…

A: Income Statement is prepared to show the result of operations of a business whether it is…

Q: In a partnership liquidation, the final cash payment to the partners should be made in accordance…

A: INFORMATION:- When a partnership is dissolved or liquidated, its assets are sold and any outstanding…

Q: The objective of preparing Income Statement of partnership is: a. To show the interest on capital of…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: 1) The objective of preparation of income statement of partnership is: a. To show the ratio of…

A: Answer: The objective of preparation of income statement of partnership is to identify the revenue…

Q: In fairness to the existing partner and to the partner to be admitted, asset revaluation is to be…

A: Partnership is an association or agreement between two or more than two persons, in which they…

Q: Which of the following will decrease the capital balance of a partner? A. Share in partnership…

A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and…

Q: Which of the following statements is correct with regard to drawing accounts that may be used by a…

A: A partnership is an association or agreement between two or more than two persons. Partners can also…

Q: partnership

A: Correct Answer :- D Credited to partner capital Account.

Q: 7. The total assets of the partnership will increase upon admission of a new partner by purchase of…

A: Since multiple questions have been posted, as per the guidelines only the first question will be…

Q: Which of the following apply to a partnership that consists solely of general partners?  I. Double…

A: Introduction: General partner-A general partner is a part owner of a partnership firm. Such partner…

Q: 33) The withdrawal of capital by a partner from the business of partnership will be: a. Credited to…

A: Solution 33: Once capital is withdrawn from partnership, it will decrease capital account of…

Q: Which of the following statements is correct when a new product is admitted to an existing…

A: Solution: The correct statement when a new partner is admitted to an existing partnership by…

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.