Q-5 At what amount Berhay has to pay the old partners if the purchase is at book value after the adjustment? a) 400,380 b) 410,937 c) 14,375 d) 415,875 Q-6 Who shall receive the cash proceeds from the sale? a) Panganiban only c) Panganiban and Selisana d) partnership b) Selisana only Q-7 The present capital of the old and new partners after the admission- c) P1,950,000 d) P1,980,000 a) P1,750,000 b) P1,835,000
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
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