51. The sale of interest of the retiring partner to the remaining partner will.require recognition of gain or loss on the partnership books.
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- 18. A mode of settling the interest of a retiring partner that affects the partnership assets. A. Payment by an outsider B.Payment by any of the remaining partners. C.Proportional payment by all of the remaining partners D. Payment by the partnership E. Answer not givenIn which order are partnership assets distributed to the partners? O Capital balances, loans, profits O Loans, profits, capital balances O Profits, capital balances, loans Loans, capital balances, profits17. When a partner dies or withdraw from the partnership, his capital in the partnership must be adjusted for the following, before settlement, except: A. Share in the net income of the partnership till the date of death or withdrawal B. Share in the adjustment of partnership assets to their fair values at date of death or withdrawal C. Share in adjustment of partnership liabilities to their fair values at date of death or withdrawal D. None of the above. E. Answer not given
- A partnership liquidation occurs when O a. the assets are sold, liabilities paid, and business operations terminated O b. the ownership interest of one partner is sold to a new partner O c. a new partner is admitted O d. a partner diesWhen a partner withdraws assets from a partnership that is considered as a permanent withdrawal, it is debited to: O Receivable from partner O Partner's drawing O Partner's capital O Payable to partnerThe accounting treatment for the sale of the interest of the retiring partner to an outsider or remaining partners is the same as in admission by purchase of interest admission by investment or by purchase admission by investment sale of interest to the partnership
- 30. TRUE or FALSE: During a winding up of a partnership, all debts of the partnership are paid and the remaining proceeds are distributed to the partners. Group of answer choices True FalseThe accounting treatment for the sale of the interest of the retiring partner to an outsider or remaining partners is the same as in O admission by purchase of interest admission by investment or by purchase sale of interest to the partnership admission by investment49 When a partner retires from the partnership and is given more cash than his adjusted capital, how should the difference be treated? Group of answer choices The difference should be credited to all remaining partners based on their remaining profit or loss ratio The difference should be debited to all remaining partners based on their remaining profit or loss ratio The difference should be accounted for as an additional partnership expense None of the above
- 1. How much cash was received by A at the end of partnership liquidation? 2. How much cash was received by B at the end of partnership liquidation?Withdrawal of Partner Lane Stevens is to retire from the partnership of Stevens and Associates as of March 31, the end of the current fiscal year. After closing the accounts, the capital balances of the partners are as follows: Lane Stevens, $150,000; Cherrie Ford, $70,000; and LaMarcus Rollins, $60,000. They have shared net income and net losses in the ratio of 3:2:2. The partners agree that the merchandise inventory should be increased by $22,300 and the allowance for doubtful accounts should be increased by $1,300. Stevens agrees to accept a note for $100,000 in partial settlement of his ownership equity. The remainder of his claim is to be paid in cash. Ford and Rollins are to share equally in the net income or net loss of the new partnership. a. Journalize the entry to record the adjustment of the assets to bring them into agreement with current market prices. If an amount box does not require an entry, leave it blank. b. Journalize the entry to record the withdrawal of Stevens…In the liquidation of a partnership, a loan payable to a partner: a) May be offset against that partners’ capital account balance before liquidation commences. b) Will not advance the time of payment to that partner during the liquidation. c) Has the same priority as amounts payable to outside creditors of the partnership. d) Must be closed to that partners’ drawing account.