Answered: The following statements are true,…

Practical Management Science

6th Edition

ISBN:9781337406659

Author:WINSTON, Wayne L.

Publisher:WINSTON, Wayne L.

Chapter2: Introduction To Spreadsheet Modeling

Section: Chapter Questions

Problem 20P: Julie James is opening a lemonade stand. She believes the fixed cost per week of running the stand...

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Question

The following statements are true, except *

-A limited partner is liable for partnership debts up to the extent of his capital contribution

-An industrial partner can also be a capitalist partner at the same time.

-An industrial partner who engages in business for himself can be excluded from the partnership.

-A capitalist partner may engage in the same line of business as that of the partnership

-answer not given

The following partnership accounts represent a liability of a partner to the partnership, except *

-Receivable from partner

-Loan to partner

-Due from partner

-all of the above

-answer not given

A partner’s capital account is credited for the following transactions, except *

-Share in net income

-loan from the partner

-Original and additional investment

-both A and C

-answer not given

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

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