A Ooredoo l.A sct.edu.omP Flag questionWhich of the followingadjustments are NOT to bedone at the time of retirementof a partner?a. Preparation ofExecutors account incase of death of apartnerb. Accounting treatmentof goodwill to be madec. Reserves and profits tobe adjustedd. New profit sharing ratioof remaining partners.The correct answer is:Reserves and profits to beadjustedII

Partnership is the business owned and controlled by one or more partners for sharing the profits and…

Answered: Which of the following adjustments are…

Business

Accounting

Which of the following adjustments are NOT to be done at the time of retirement of a partner?

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Related questions

Q: In the liquidation of a partnership, a loan payable to a partner: a) May be offset against that…

A: Liquidation: In liquidation of partnership assets are liquidated. After assets, the liquidation…

Q: By what methods can a new partner gain admittance into a partnership?

A: A new partner can join a partnership by acquiring part or all of the interest of one or more of the…

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: What causes a partnership to dissolve

A: Dissolution of partnership: Dissolution of partnership is simply discontinuing its business which it…

Q: There is no impact on the statement of comprehensive income of a partnership when a partner…

A: The drawings are the cash or assets withdrawn by the owner or partner for his personal use. The…

Q: A partner's withdrawal of assets from a LLP that is considered a permanent reduction in that…

A: Limited liability partnership (LLP) refers to a partnership wherein a few or all partners (depending…

Q: partnership

A: Partnership is a relationship between the two or more persons who are agreed to share profit of the…

Q: Which of the following is true of a partner's right to compensation? Question 22 options: A partner…

A: The question is asking to identify the correct statement about a partner's right to compensation in…

Q: The rules governing the allocations of liabilities to partners are contained in the regulations…

A: The allocation of liabilities to partners in a partnership refers to the distribution of the…

Q: What is the Effect of Foreclosure on Junior Lienors?

A: Effect of foreclosure on Junior lienors is: Junior Lienor’s claims on the property mortgage are…

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: Which of the following would not be recorded in the entry for the formation of a partnership? Group…

A: Partnership is the type of business in which more than one person works together to achieve the…

Q: Under which of the following circumstances would a partnership terminate and close its

A: partnership is when more than one person form organisation and shares equal responsibility among…

Q: choose the response that correctly the following sentence about an individual partner's outside…

A: Partnership is an arrangement between two or more persons to oversee business operations and share…

Q: Cliff's basis in his Aero Partnership interest is $13,900. Cliff receives a distribution of $26,600…

A: Liquidation of a partnership firm means shutting down the partnership business. In this case, the…

Q: A partner's interest in a partnership is decreased by

A: Partner's basis in partnership interest means the basis of the contributed property by a partner.…

Q: When a partner withdraws from a partnership, why is the final distribution often based on the…

A: Definition: Partnership: This is the form of business entity that is formed by an agreement,…

Question

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 by step

Solved in 2 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

Why would the members of a partnership elect to terminate business operations and liquidate all noncash assets?
Compare and contrast two main filing statuses married file separate and married file jointly? example?
When preparing Form 1065, U.S. Return of Partnership Income, what entries must be made in order for the partners to claim the qualified business income (QBI) deduction? The appropriate adjustments must be made on the partnership's balance sheet and reported correctly on page 5 of Form 1065. Each partner's Schedule K-1 (Form 1065) should report the amount of their QBI deduction in Part III, box 13, other deductions. The information each partner will need to calculate their share of the QBI deduction should be reported on their Schedule K-1 (Form 1065), box 20, other information, or an attached statement. The QBI deduction will reduce the amount of the partnership's ordinary business income and must be included in total deductions reported on page 1 of Form 1065.
Choose the response that correctly completes the following sentence about an individual partner's outside basis in a partnership. A partner's outside basis: Can be less than zero. Does not change as long as the partner maintains their partnership interest. Is used to apply the basis limitation to losses from a partnership. Must be tracked by the partnership.
Two main filing statuses married file separate and married file jointly, Include general information on the differences and when one filing status might be preferred over the other?
There is a liquidation of assets of a partnership. Describe the order in which assets must be distributed upon liquidation of a partnership, and explain the "right-of-offset" concept.
In admitting new partners, assets contributed by partners are recorded at their replacement value. Why is that?
Main two filing status, Married file jointly and married file separately tell us about things that might be permitted under one status and not under another?
Under the Revised Uniform Partnership Agreement, a. unsatisfied partnership creditors share pro rata with personal creditors in the assets of the partner’s estate. b. unsatisfied partnership creditors have first priority against partnership assets. c. unsatisfied personal creditors have first priority against partnership assets. d. None of the above.
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.
What are the steps involved in closing the books of a partnership at the end of an accounting period?
If an existing partner withdraws from a partnership which is true a. his or her interest may be sold to the partnership or an individual partner. b. the consideration received for that partner's interest may suggest the existence of undervalued existing assets and/or goodwill. c. either the bonus or the goodwill method may be used to record the transaction if the partnership acquires the withdrawing partner's interest. d. all of the above