Just like Accounts Receivable being recorded at gross with the Allowance for Doubtful Accounts in the new set of partnership books, Depreciable assets are also recorded at gross with the Accumulated Depreciation in the new set of partnership books. O True
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- In accounting for a withdrawal by payment from partnership assets, which statement is FALSE? O The withdrawing partner may be paid using non-cash assets. O Net assets will decrease O Total capital will decrease. O Asset revaluations should bx recorded.The loss on revaluation is debited in the Old partners capital account. Select one: True False * with full detail explanation * Also tell what is the reason for the wrong answer which is wrong.What is the meaning of the statement below? Please explain. In the partnership agreement, interest will not accrue on partnes' loan balances during the liquidation process.
- 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.18) Which one of the following will not be recorded in profit and loss appropriation account? a. Commission to partner b. Interest on capital c. Salary to partner d. Interest paid to bankWhich of the following would not be recorded in the entry for the formation of a partnership? Group of answer choices Accumulated depreciation Allowance for doubtful accounts Accounts receivable All of these would be recorded
- Claims against partners personal assets by creditors if the partnership can't pay its debts refers to? a liquidation differs from a dissolution in that in a liquidation?Which of the following is considered a "constructive receipt" of grss income? * a. A partner's share in the income of the general professional partnership is credited to his capital account. b. Payment for the sale is deposited by buyer to the seller's bank account. c. Cancellation of debt of employee by employer in consideration of friendship. d. A and B only O e. All of the aboveChoose the correct.Which of the following statements is true concerning the accounting for a partnership going through liquidation?a. Gains and losses are reported directly as increases and decreases in the appropriate capital account.b. A separate income statement is created to measure only the profit or loss generated during liquidation.c. Because gains and losses rarely occur during liquidation, no special accounting treatment is warranted.d. Within a liquidation, all gains and losses are divided equally among the partners.
- Assess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that assets increase as debits. 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.In 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. Group of answer choices True False1. S1: The personal assets of the partners are used first to settle their personal obligations before they are used to satisfy the claims of the partnership creditors. S2: An industrial partner is exempted to share for the losses of the business and is not required to contribute additional cash in case of insolvency of the partnership. a. Both statements are correct b. Both statements are incorrect c. Only S1 is correct. d. Only S1 is incorrect. 2. S1: In liquidation process, the noncash assets are sold only to outside parties but never to any of the partners. S2: An insolvent partners’ capital deficiency can be solved by his additional cash contribution. a. Both statements are correct b. Both statements are incorrect c. Only S1 is correct. d. Only S1 is incorrect. 3. S1: Dissolution and liquidation are different. S2: In the liquidation of a business the owners’ claims are settled simultaneously…