From a partner's viewpoint, which of the following will have an unfavourable effecton the closing balance of the current account of a partner?Opening debit balance in the current accountInterest on drawingsSalariesiv)DrawingsA.D, 0), 1) and iv)OB.1), ) and iv)OC.) and iv) onlyD. 1), 1) and iv)mod/aua/sunumary phplattempte 5116948emido

Answered: Image /qna-images/answer/0152cc28-1dac-4f24-a212-91690834e3ca.jpg

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

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

List the instances when a partnership is terminated.
Plz solve!!!! It’s timed
loan to partner , the debit side will be in the partnership Select one: a. cash b. No entry c. partner loan d. partner capital
Distinguish between the liability of incoming partner for debts arising before his admission and those arising after admission.
When goodwill already appears in the books of accounts, what should be the desired option under those circumstances? O a. Goodwill account should be closed as it is the best option O b. Goodwill treatment is least important in partnership business c. Goodwill account is to be continued and no journal entries to be passed O d. None of these are correct
Generally speaking, what events or activities would normally result in a partner’s capital account being debited?
Assess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that increases in expense accounts are always debited to the expense account. 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.
Define and differentiate between sole trader and partnership business with full explanation I need a help on this . Expect answers no plasgism
how would the increase in liabilities of other partners assumed would contribute to the partner's interest?
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
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.
S1: When two or more proprietors form a partnership, one may maintain his own books as the partnership books. Accordingly, only the other partners need to adjust and close their accounts. S2: When one of the partners retain his books as the books of the partnership, still, he should also close his accounts and record his investments both statements are true both are false only S1 is true only S2 is true.

SEE MORE QUESTIONS

Recommended textbooks for you

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

FINANCIAL ACCOUNTING

Accounting

ISBN:

9781259964947

Author:

Libby

Publisher:

MCG

Accounting

ISBN:

9781337272094

Author:

WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.

Publisher:

Cengage Learning,

Accounting Information Systems

Accounting

ISBN:

9781337619202

Author:

Hall, James A.

Publisher:

Cengage Learning,

Horngren's Cost Accounting: A Managerial Emphasis…

Accounting

ISBN:

9780134475585

Author:

Srikant M. Datar, Madhav V. Rajan

Publisher:

PEARSON

Intermediate Accounting

Accounting

ISBN:

9781259722660

Author:

J. David Spiceland, Mark W. Nelson, Wayne M Thomas

Publisher:

McGraw-Hill Education

Financial and Managerial Accounting

Accounting

ISBN:

9781259726705

Author:

John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles

Publisher:

McGraw-Hill Education

SEE MORE TEXTBOOKS

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 v) Drawings