If a partner's contribution in kind has been over-valued; upon complain by others, the said partner shall therefore Select one: a. Pay the differences by provide services Ob. Withdraw his partnership agreement from company c. Pay his contribution in cash to the company 2 d. Be dismiss or expel from the company

If a partner's contribution in kind has been over-valued; upon complain by others, the said partner shall therefore Select one: a. Pay the differences by provide services Ob. Withdraw his partnership agreement from company c. Pay his contribution in cash to the company 2 d. Be dismiss or expel from the company

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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Which of the following is true regarding capital deficiencies? O a Ob Oc Od The partners do not have a legally enforceable claim against the partner with the capital deficiency. If a partner with a capital deficiency is unable to pay the amount owed to the partnership, the partners with debit balances must absorb the loss. The loss is allocated based on the profit and loss ratios between the partners whether with credit or debit balances. if the partner with the capital deficiency pays the amount owed to the partnership, the deficiency is eliminated.
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Julie contributes, as part of her initial investment, accounts receivable with an allowance for doubtful accounts. Which of the following reflects a proper treatment? O The accounts receivable and allowance should not be recorded on the books of the partnership because a partner must invest cash in the business. O The balance of the accounts receivable account should be recorded on the books of the partnership at its net realizable value. O The allowance account may be set up on the books of the partnership because it relates to the existing accounts that are being contributed. O The allowance account should not be recorded in the books of the partnership.
A Moving to another question will save this response. Question 1 When a new partner is added to an existing partnership, the underlying business operations must close and reopen. O True False A Moving to another question will save this response.
one who is limited as to how many partnerships he or she can a partner When a partner chooses to leave a partnership and the business continues with the remaining partners, this is called O dissociation O dissolution O disillusion O depression
When the partnership agreement specifically provides for salaries and interest, the provision must be applied before the remainder of profit or loss is divided True False
Write the word or group of words that identify each of the following statements. 1. A partner who contributes money, property, and industry. 2. Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity. 3. A partnership which failed to comply with one or more of the legal requirements for its establishment.
Partnership is the economic relationship between two or more persons: a. Who will not pay goodwill b. Who have agreed to not to share profit c. Who will not contribute capital d. Who have agreed to share profit
Which of the following is not a reason for the dissolution by the court? O a. Admission of new partner O b. Partner becomes insane O C. The business cannot be carried on except at a loss O d. Transfer whole interest of a partner is transferred to a third party
Explain with correct explanation