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51. The sale of interest of the retiring partner to the remaining partner will.require recognition of gain or loss on the partnership books.

51. The sale of interest of the retiring partner to the remaining partner will.require recognition of gain or loss on the partnership books.

FINANCIAL ACCOUNTING
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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TRUE OR FALSE

51. The sale of interest of the retiring partner to the remaining partner will.require recognition of gain or loss on the partnership books. 52. The sale of interest of the retiring partner to the new partner will require recognition of gain or loss on the partnership books. 53. The Interest of the retiring partner includes a loan from the partner. 54. The retiring partners' interest is always paid in cash. 55. The death of any partner automatically dissolves the partnership. 56. Admission of new partner dissolves the partnership but retirement of a partner does not. 57. The death of a partner transfers his entire interest to his estate prior to settlement by the partnership. 58. Capital interest is equal to total interest. 59. Withdrawal by a partner at less than book value of his capital interest resulted in a gain to be recorded by the partnership. 60. Withdrawal by a partner at less than book value of his capital interest resulted in a loss to be recorded by the partnership.
Transcribed Image Text:51. The sale of interest of the retiring partner to the remaining partner will.require recognition of gain or loss on the partnership books. 52. The sale of interest of the retiring partner to the new partner will require recognition of gain or loss on the partnership books. 53. The Interest of the retiring partner includes a loan from the partner. 54. The retiring partners' interest is always paid in cash. 55. The death of any partner automatically dissolves the partnership. 56. Admission of new partner dissolves the partnership but retirement of a partner does not. 57. The death of a partner transfers his entire interest to his estate prior to settlement by the partnership. 58. Capital interest is equal to total interest. 59. Withdrawal by a partner at less than book value of his capital interest resulted in a gain to be recorded by the partnership. 60. Withdrawal by a partner at less than book value of his capital interest resulted in a loss to be recorded by the partnership.
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