Which of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership.
Which of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership.
Which of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership.
Which of the following instances does not dissolve the partnership?
Group of answer choices
a. Admission of Mr. X in the ANC Partnership.
b. Assignment of partners’ interest to another partner.
c. Insanity of a partner in the partnership.
d. Investment of a new partner in the partnership.
Which of the following instances does not dissolve the partnership?
Group of answer choices
a. Admission of Mr. X in the ANC Partnership.
b. Assignment of partners’ interest to another partner.
c. Insanity of a partner in the partnership.
d. Investment of a new partner in the partnership.
When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excess
Group of answer choices
a. Had no effect on the capital balances of Bill and Hill.
b. Was recorded as an expense.
c. Reduced the capital balance of Bill and Hill.
d. Was recorded as goodwill.
I.
The use of average capital in distributing profits and losses results in equitable distribution thereof.
II.
When partners are entitled to salaries, they are to be credited for this even when the operation results in a loss.
Group of answer choices
a. ONLY THE 1ST STATEMENT IS TRUE
b. ONLY THE 1ST STATEMENT IS FALSE
c. BOTH STATEMENTS ARE FALSE
d. BOTH STATEMENTS ARE TRUE
I.
In fairness to the existing partner and to the partner to be admitted, asset revaluation is to be undertaken before a new partner is admitted.
II.
To be a partner in an existing partnership one must buy the equity (whole or in part) of an existing partner.
Group of answer choices
a. BOTH STATEMENTS ARE FALSE
b. BOTH STATEMENTS ARE TRUE
c. ONLY THE 1ST STATEMENT IS FALSE
d. ONLY THE 1ST STATEMENT IS TRUE
Definition Definition Amount earned or lost on the sale of one or more items is referred to as the profit or loss on that item
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