If a partner's contribution in kind has been over-valued; upon complain by others, the said partner shall therefore Select one: a. Pay the differences by provide services Ob. Withdraw his partnership agreement from company c. Pay his contribution in cash to the company 2 d. Be dismiss or expel from the company

If a partner's contribution in kind has been over-valued; upon complain by others, the said partner shall therefore Select one: a. Pay the differences by provide services Ob. Withdraw his partnership agreement from company c. Pay his contribution in cash to the company 2 d. Be dismiss or expel from the company

SWFT Comprehensive Vol 2020

43rd Edition

ISBN:9780357391723

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 5BCRQ

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Similar questions

Which one of the following would not be considered in the development of a partnership agreement? A. profit and loss levels B. processing disputes C. stock options D. asset contributions
Which of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resources
When a partnership dissolves, the first step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partners
When a partnership is liquidated, any gains or losses realized by the sale of noncash assets are allocated to the partners based on their income sharing ratio. Why?
Any assets invested by a particular partner in a partnership ________. A. do not become a partnership asset but instead remain with the partner B. can be used only by the investing partner C. become the property of all the partners D. are the basis for all profit sharing
What type of assets may a partner not contribute to a partnership? A. accounts receivable B. furniture C. equipment D. personal credit cards
Which of the following transactions shall not affect the capital balance of a partner? A. Share of a partner in the partnership’s net loss. B. Receipt of bonus by a partner from another partner based on agreement. C. Advances made by the partnership to a partner. D. Additional investment by a partner to the partnership.
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
In accounting for a withdrawal by payment from partnership assets, which statement is FALSE? O The withdrawing partner may be paid using non-cash assets. O Net assets will decrease O Total capital will decrease. O Asset revaluations should bx recorded.
If there is partnership deed, then which one of the following will apply? O a. Partners are not entitled to bonus O b. Interest on capital is not allowed O c. Interest will be charged on drawings d. Partners are not entitled to salary
Which of the following transactions shall not affect the capital balance of a partner? Share of a partner in the partnership’s net loss. Receipt of bonus by a partner from another partner based on agreement. Advances made by the partnership to a partner. Additional investment by a partner to the partnership.
Which of the following is considered a "constructive receipt" of grss income? * a. A partner's share in the income of the general professional partnership is credited to his capital account. b. Payment for the sale is deposited by buyer to the seller's bank account. c. Cancellation of debt of employee by employer in consideration of friendship. d. A and B only O e. All of the above