4. Immovable property to be acquired must be in the name of the partnership but if conveyed, it is not necessary that it be in the partnership name. 5. An inventory is still required if aside from real property, personal property is contributed. 6. The sharing of gross returns does not of itself establish a partnership, except when the persons sharing them have a joint or common right or interest in any property from which the returns are derived.

4. Immovable property to be acquired must be in the name of the partnership but if conveyed, it is not necessary that it be in the partnership name. 5. An inventory is still required if aside from real property, personal property is contributed. 6. The sharing of gross returns does not of itself establish a partnership, except when the persons sharing them have a joint or common right or interest in any property from which the returns are derived.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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