Death of a partner: A partnership agreement is a contract between the partners, so if a partner intentionally or willfully transfers or sells his or her whole interest, the partnership continues to exist. In case a partner dies suddenly, the agreement of the deceased partner is not included for partnership to be continued, so the partnership dissolves with the death of the partner. To determine: At the death of a partner, what happens to the partnership?

Question

Want to see the full answer?

Answer 1

Question

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.

Chapter 12, Problem 14RQ

To determine

Death of a partner:

A partnership agreement is a contract between the partners, so if a partner intentionally or willfully transfers or sells his or her whole interest, the partnership continues to exist. In case a partner dies suddenly, the agreement of the deceased partner is not included for partnership to be continued, so the partnership dissolves with the death of the partner.

To determine:

At the death of a partner, what happens to the partnership?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Students have asked these similar questions

The Sodus Company produces engine parts for car manufacturers. A new accountant intern at Sodus has accidentally deleted the company's variance analysis calculations for the year ended December 31, 2020. The following table is what remains of the data. LOADING...(Click the icon to view the data.) Read the requirementsLOADING.... Question content area bottom Part 1 Requirement 1. Calculate all the required variances. (If your work is accurate, you will find that the total static-budget variance is $0.) Begin with the flexible budget columns, then the sales volume variance column. Label each variance as favorable (F) or unfavorable (U). (For variances with a $0 balance, make sure to enter "0" in the appropriate field. If the variance is zero, do not select a label. Round your answers to the nearest whole dollar.) Actual Results Flexible Budget Variance Flexible Budget Units sold 105,000 Revenues (sales) $672,000 Variable costs 460,000…

Need help with this question solution general accounting

XYZ Co. has an average collection period of 45 days. Total credit sales for the year were $3,200,000. What is the balance in accounts receivable at year-end? (Use 360 days in a year. Round to the nearest dollar.)

Answer 2

Question

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.

Chapter 12, Problem 14RQ

To determine

Death of a partner:

A partnership agreement is a contract between the partners, so if a partner intentionally or willfully transfers or sells his or her whole interest, the partnership continues to exist. In case a partner dies suddenly, the agreement of the deceased partner is not included for partnership to be continued, so the partnership dissolves with the death of the partner.

To determine:

At the death of a partner, what happens to the partnership?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 3

Question

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.

Chapter 12, Problem 14RQ

To determine

Death of a partner:

A partnership agreement is a contract between the partners, so if a partner intentionally or willfully transfers or sells his or her whole interest, the partnership continues to exist. In case a partner dies suddenly, the agreement of the deceased partner is not included for partnership to be continued, so the partnership dissolves with the death of the partner.

To determine:

At the death of a partner, what happens to the partnership?

Expert Solution & Answer

Want to see the full answer?

Check out a sample textbook solution

See solution

Answer 4

Question

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.

Chapter 12, Problem 14RQ

To determine