Is a true or false question:  1) During a partnership liquidation, if a partner has a debit capital balance in his or her capital account, he or she is responsible for contributing personal assets sufficient to eliminate the deficit.

Q: Prior to the creation of a partnership, the sole proprietor must first re-evaluate or adjust its…

A: Re-evaluation or Adjustment in Assets or Liability: To determine whether or not there was a net gain…

Q: In a partnership liquidation, a loss from sale of non cash assets is     A.Allocated to the…

A: In case of liquidation of partnership , the following steps are taken:   1. Sale of non cash assets.…

Q: debit balance on his capital

A: In partnership there are two Types of Method of maintaining capital Account FIXED CAPITAL ACCOUNT…

Q: In which of the following situations will the inference of the existence of a partnership be drawn…

A: Where payments of a debt are made to a creditor in installments from the profits of the partnership:…

Q: Debited to partners' capital account

A: Correct Answer :- C Debited to partner capital.

Q: Which of the following is correct with regards to partnership liquidation? a. All creditors must be…

A: At the time of liquidation of partnership firm, all the liabilities are paid off from the available…

Q: Which of the following statements is correct? Options: Each partner has the authority to enter…

A: The partnership is the business form that is owned ad controlled by two or more partners. When the…

Q: 1. When a property other than Cash is invested in a partnership, at what amount should the noncash…

A: In the light of provisions of Partnership Act, When a property other than Cash is invested in a…

Q: . Which of the following statements is correct? O A. The liability of the partners for the debts of…

A: The  partnership business consists of two or more individuals who pool their resources to create a…

Q: What is the purpose of a partnership appropriation account? A to avoid disagreements between the…

A: Partnership refers to an agreement where between two or more people come together for a common goal.…

Q: Assess the truth of this statement: For a partnership entity, partnership equity is composed of one…

A: Equity Means Parntner's portion of interest in the business, Percentage of interest on the assets of…

Q: Which statement is incorrect? * -The accrual basis of accounting is used to account for partnership…

A: Since you have asked multiple questions, we will solve the first question for you . If you want any…

Q: In the absence of a partnership agreement, the profit between the partners is shared on the basis c…

A: Partnership deed is an agreement between the partners of a firm that outlines the terms and…

Q: Which of the following is considered a "constructive receipt" of gross income? * a. A partner's…

A: Constructive receipt is an accounting word that refers to the requirement for an individual or…

Q: Partnership accounting does not: Multiple Choice Use a capital account for each partner. Use a…

A: A partnership is an agreement or arrangement between two or more than two parties, in which they…

Q: the balance sheet differ for a partnership

A: Partnership is a unique form of business that comes with a series of benefits as well as drawbacks.…

Q: Which of the following results in the dissolution of a partnership? The withdrawal of a partner of…

A:

Q: When a new partner is admitted into the partnership by investment, the following take place except O…

A: Partnership is one of the arrangement between two or more than two partners, under which they invest…

Q: If no agreement exists in a partnership as to the allocation of income, what method is appropriate?…

A: Partnership:   It is a form of a business where two or more people come together to do business…