Answered: It is a change in the partnership which…

It is a change in the partnership which is caused by a partner ceasing to be associated in the carrying of the partnership business a. Annulment b. Liquidation c. Divorce d. Dissolution

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 5BCRQ

See similar textbooks

Related questions

Q: The withdrawal of a partner who receives assets with a value exceeding his capital balance results…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: If a new partner is admitted in the partnership through purchase of interest. O The purchase price…

A: Partnership: Two or more people start operating together as partners according to a formal…

Q: In the liquidation of general partnership, which of the following claims shall be settled first by…

A: Partnership is an association between two or more than two partners. Liquidation of partnership…

Q: is a change in the partnership which is caused by a partner ceasing to be associated in the carrying…

A: Partnership is a process in which two or more people work together for earning profits while…

Q: Withdrawal of Partner Lane Stevens is to retire from the partnership of Stevens and Associates as of…

A: Journal Entry is the primary step in recording the transactions in the books of accounts.The…

Q: ith the lowest capital balances first c. Partners based on their capital balances

A: When a partnership is dissolved , the assets are liquidated and liabilities are paid off

Q: Which of the following froms of new partner admission will nt result in a change in the partnership…

A: Admission of New Partner If new partner are admitted into the business which can be opted for bring…

Q: . Claims against partners' personal assets by creditors if the partnership can't pay its debts…

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

Q: Partnership dissolution can be in the following ways except? Select one: a. Wish of any partner…

A: There are two types Dissolution of partnership and dissolution of firm Dissolution of partnership…

Q: In early February 2023, Marigold Corp. began construction of an addition to its head office building…

A: Entities frequently utilize interest-bearing debt as a financial tool to obtain money for a variety…

Q: Explain the difference between the admission of a new partner to a partnership (a) by purchase of an…

A: Partnership It is that form of organization which is owned and managed by two or more persons who…

Q: reason to not revalue partnership assets

A: Option A is wrong because only one of the options is correct. Option C is wrong because a change in…

Q: Which of the following is the reason to not revalue partnership assets at the date a new partner is…

A: Revaluation of assets and liabilities are required at the time change in profit sharing ratio or…

Q: If a new partner acquires partnership interest directly from the partners rather than from the…

A: when a new partner is admitted the existing partners’ capital accounts are reduced and the new…

Q: List the instances when a partnership is terminated.

A: Partnership refers to the contractual agreement among two or more persons who are ready to carryout…

Q: The accounting treatment for the sale of the interest of the retiring partner to an outsider or…

A: The retirement of the partner means the partner that is leaving the partnership. The partner can…

Q: Dissolution is the term which solely means to liquidate the partnership. Group of answer choices…

A: The answer is as fallows

Q: True or false The dissolution of a partnership occurs only when the partnership is terminating…

A: Meaning of the Dissolution of partnership is the winding up process of the business activities of…

Q: In a partnership liquidation, a gain from sale of assets is credited to the A. partner with the…

A: In liquidation, the assets are realized for paying the amount of liability, claim and the capital…

Q: A partnership liquidation occurs when a. the assets are sold, liabilities paid, and business…

A: The partnership firm can continue to exist after retirement, admission or death of a partner.

Q: Under the Revised Uniform Partnership Agreement, a. unsatisfied partnership creditors share pro…

A: The Revised Uniform Partnership Act (“RUPA”) is a model statute that determines how a business…

Q: The following events dissolve a partnership except: a. admission of a partner b. change of the…

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

Q: Which of the following is not a part of the winding up process? Group of answer choices Discharge…

A: The correct answer is the third option that is, closing the partnership's business as it is not a…

Q: Generally, the dissolution spares the partners from previous obligations entered into by the…

A: Dissolution of partnership means closing the business. there can be many reasons for dissolution of…

Q: Answer the following questions: 1.What is dissolution of a partnership? During dissolution of…

A: Partnership Partnership is an another form of business ultimate aim to generate profit on the…

Q: If an existing partner withdraws from a partnership which is true a. his or her interest may be…

A: Existing partner withdraws his or her rights in two generally known ways i.e. retirement or death.…

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: According to the RUPA, a new partner is admitted to a partnership if a majority of the partners…

A: According to partner ship act 1932,A partner can admitted only with the consent of all partners…

Q: Which of the following statements is correct when a new partner is admitted to an existing…

A: Solution: The correct statement when a new partner is admitted to an existing partnership by…

Question

It is a change in the partnership which is caused by a partner ceasing to be associated in the carrying of the partnership business

a. Annulment

b. Liquidation

c. Divorce

d. Dissolution

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step 3

VIEW

Step by step

Solved in 3 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

What is the first step in a partnership liquidation (termination and sale of assets)?
When a partnership dissolves, the last step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partners
When a partnership dissolves, the first step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partners
When a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?
It is a change in the partnership which is caused by a partner ceasing to be associated in the carrying of the partnership business: a. Liquidation b. Annulment c.Divorce d.Dissolution
Which of the following is not a part of the winding up process? Group of answer choices Discharge of the partnership debts. Dissolution of the partnership. Closing the partnership's business. Distribution of the net proceeds to the partners.
A partnership liquidation occurs when O a. the assets are sold, liabilities paid, and business operations terminated O b. the ownership interest of one partner is sold to a new partner O c. a new partner is admitted O d. a partner dies
Withdrawal of Partner Lane Stevens is to retire from the partnership of Stevens and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Lane Stevens, $150,000; Cherrie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $22,300 and the allowance for doubtful accounts should be increased by $1,300. Stevens agrees to accept a note for $100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership. a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the withdrawal of Stevens…
Partnership dissolution can be in the following ways except? Select one: a. Wish of any partner b. Notice by a partner c. Bankruptcy d. Death of a partner
Which of the following froms of new partner admission will nt result in a change in the partnership net assets? i. puchase of an ownership interest directly from the partnership ii. purchase of an ownership interest from an existing partner iii. either of the above iv. none of the above
Which of the following is the reason to not revalue partnership assets at the date a new partner is admitted to the partnership? A. There has been a change in the ownership B. The partnership has not ceased operations C. All three are reasons to not revalue partnership assets at the date of new partner's admission D. A new legal entity exists
No need to explain. The following events dissolve a partnership except: a. admission of a partner b. change of the partnership name c. conversion of a partnership to a corporation d. impairment of partnership assets Before dissolution takes effect, liabilities should be restated at their a. fair market values b. present values c. liquidating values d. historical values