When two or more sole proprietors form a partnership, the following are correct, except When a machine is contributed to the parthership, any related accumulated depreciation must not be recognizes in the books of the partnership once it is recognized. When the partners agreed to decrease the value of an accounts receivable and there's a related allowance for doubtful accounts. the allowance account is increased to reflect the adjustment. Liabilities assumed by the partnership are credited in the sole propnetor books of the partner who will transfer it to the partnership books. OWhen a partner contributes cash to the partnership. it is always recorded at it s face value.

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter11: Partnerships: Distributions, Transfer Of Interests, And Terminations
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When two or more sole proprietors form a partnership, the following are correct, except*
When a machine is contributed to the partnership. any related accumulated depreciation must not be recognizer
in the books of the partnership once it is recognized.
When the partners agreed to decrease the value of an accounts receivable and there's a related allowance for
doubtful accounts. the allowance account is increased to refiect the adjustment.
Liabilities assumed by the partnership are credited in the sole proprietor books of the partner who will transfer it
to the partnership books.
When a partner contributes cash to the partnership. it is always recorded at it s face value
Transcribed Image Text:When two or more sole proprietors form a partnership, the following are correct, except* When a machine is contributed to the partnership. any related accumulated depreciation must not be recognizer in the books of the partnership once it is recognized. When the partners agreed to decrease the value of an accounts receivable and there's a related allowance for doubtful accounts. the allowance account is increased to refiect the adjustment. Liabilities assumed by the partnership are credited in the sole proprietor books of the partner who will transfer it to the partnership books. When a partner contributes cash to the partnership. it is always recorded at it s face value
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