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- What types of bases for dividing partnership net income or net loss are available?briefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution and also tell the relationship among themDemonstrate the impact that the allocation of partnership income has on the partners’ individual capital balances.
- Distinguish between “withdrawals” and “salaries” in accounting for partnership.Which of the following best describes the articles of partnership agreement? The purpose of the partnership and partners’ rights and responsibilities are required elements of the articles of partnership. The articles of partnership are a legal covenant and must be expressed in writing to be valid. The articles of partnership are an agreement that limits partners’ liability to partnership assets. The articles of partnership are a legal covenant that may be expressed orally or in writing, and forms the central governance for a partnership’s operations.If a partner is contributing attributes to a partnership such as an established clientele or a particular expertise, what two methods can be used to record the contribution? Describe each method.
- What valuation should be recorded for noncash assets transferred to a partnership by one of the partners?Explain the difference between the admission of a new partner to a partnership (a) by purchase of an interest from another partner and (b) by contribution of assets to the partnership.When accounts receivables are transferred into a partnership, at what amount should they be recorded? Include a definition of Accounts Receivable in your response.