Answered: From a partner's viewpoint, which of… | bartleby

SWFT Corp Partner Estates Trusts

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 8DQ

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From a partner's viewpoint, which of the following will have an unfavourable effect
on the closing balance of the current account of a partner?
Opening debit balance in the current account
Interest on drawings
Salaries
iv)
Drawings
A.D, 0), 1) and iv)
OB.1), ) and iv)
OC.) and iv) only
D. 1), 1) and iv)
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Mar From a partner's viewpoint, which of the following will have an unfavourable effect PF on the closing balance of the current account of a partner? Opening debit balance in the current account i) Interest on drawings i) Salaries iv) Drawings O A. I), ii), i) and iv) O B. i), ii) and iv) OC. i) and iv) only O D. i), ii) and iv)
see attached
The partner's drawing account is used: O To reduce the partner's capital account balances at the end of an accounting period O To record the partner's share of net income or loss for an accounting period O In the same manner as the partner's loan accounts O To record the partner's salaries.
From a partner's viewpoint, which of the following will have a favourable effect on the closing balance of the current account of a partner? OA. Opening debit balance in the current account; Partner's salaries; Partner's bonus OB. Opening credit balance in the current account; Interest on drawings; Partner's bonus O C. Opening credit balance in the current account; Interest on drawings; Partner's salaries; Partner's bonus OD. Opening credit balance in the current account; Partner's salaries; Partner's bonus
In case of admission of a partner, the first adjustment that need to be prepared is?? A. Bank account B. Profit and loss account adjustment C. The revaluation of assets D. Realization of income or loss S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protected S2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. * A. Both statements are true B. s1 True; S2 False C. S2 True; S1 False D. Both statements are false S1: Joint Control is present if tow ore more parties have greater than 50% Control.S2: One Party has more than 50% in a joint arrangement * A. Both statements are false B. Both statements are true C. S2 True; S1 False D. s1 True; S2 False S1: If the total contributed capital of THE partnership is greater than the total agreed capital, it is possible that a goodwill be recognized or an undervaluation of asset occurred.S2: Noncash…
A partner's withdrawal of assets from a LLP that is considered a permanent reduction in that partner's equity is debited to the partner's: Select one :- a. Retained Earnings account b. Loan Receivable account c. Drawing account d. Capital account
A Ooredoo l. A sct.edu.om P Flag question Which of the following adjustments are NOT to be done at the time of retirement of a partner? a. Preparation of Executors account in case of death of a partner b. Accounting treatment of goodwill to be made c. Reserves and profits to be adjusted d. New profit sharing ratio of remaining partners. The correct answer is: Reserves and profits to be adjusted II
1. What entry is necessary to reflect interest payable on partner's drawings? a. Partner's Current (Dr.), Profit and Loss Appropriation (Cr.) b. Profit and Loss Appropriation (Dr.), Partner's Current (Cr.) c. Profit and Loss Appropriation (Dr.), Cash (Cr.) d. Profit and Loss Appropriation (Dr.), Partner's Capital (Cr.) 2. What entry is necessary to reflect interest earned on capital account balances? a. Partner's Drawings (Dr.), Partner's Current (Cr.) b. Profit and Loss Appropriation (Dr.), Partner's Drawings (Cr.) c. Partner's Drawings (Dr.), Interest Payable (Cr.) d. Partner's Current (Dr.), Profit and Loss Appropriation (Cr.) 3. A partner's personal gas receipts have been treated as part of the partnership's service vehicle expenses. Which of the following entries is necessary to correct the error? a. Drawings (Dr.), Service vehicle expense (Cr.) b. Service vehicle expense (Dr.), Drawings (Cr.) c. Service vehicle expense (Dr.), Capital…
34) The closing balances of partners' current account will be: a. X RO 59784 (Dr), Y RO 17825 (Cr), Z RO 37622 (Dr) b. X RO 58748 (Dr), Y RO 16852 (Cr), Z RO 36620 (Dr) c. X RO 58784 (Dr), Y RO 16825 (Cr), Z RO 36622 (Dr) d. X RO 58984 (Dr), Y RO 16925 (Dr), Z RO 36626 (Dr)
Partners' withdrawals of assets are: O Credited to their withdrawals account. Debited to their withdrawals account. Credited to their retained earnings account. Debited to their retained earnings account. Debited to their asset accounts.
Assess the truth of this statement: For a partnership, when a transaction is first recorded (put in a journal) every transaction affects at least two accounts, one account(s) will be debited and the other account(s) will be credited. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.
Assess the truth of this statement: The transaction of a partnership that is recording cash invested by a partner should be recorded as a debit to cash and a credit to the individual partner's drawing account. O This statement is true. O This statement is false. O There is not enough information to determine whether or not this statement is true. O This statement is not applicable to accounting concepts.

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