Advanced Financial Accounting
12th Edition
ISBN: 9781259916977
Author: Christensen, Theodore E., COTTRELL, David M., Budd, Cassy
Publisher: Mcgraw-hill Education,
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Question
Chapter 16, Problem 16.20P
a.
To determine
Introduction:
A
- Name of partnership and partners
- Type of business to be conducted by the partnership
- Initial capital contribution of each partner and method of future capital contributions
- Manner of distribution of profit or loss, including salaries, interest on capital bonuses and limit of withdrawals
- Procedure for changes in partnership such as the admission of new partners
- Other aspects such as
management and accounting methods to be used
If the given situations are permissible under partnership using, Y for Yes and N for No.
b
To determine
Introduction:
A partnership agreement is a formal written agreement between partners. It is recommended to have a formal written agreement to avoid the problems that may arise during the course of business. Each partner should sign the partnership agreement to indicate acceptance of its terms. A partnership agreement should include the following items:
- Name of partnership and partners
- Type of business to be conducted by the partnership
- Initial capital contribution of each partner and method of future capital contributions
- Manner of distribution of profit or loss, including salaries, interest on capital bonuses and limit of withdrawals
- Procedure for changes in partnership such as the admission of new partners
- Other aspects such as management and accounting methods to be used
If the given situations are permissible under partnership using, Y for Yes and N for No.
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A partnership agreement should include each of the following except
Basis for sharing net income or loss
names and capital contributions of partners.
Chart of accounts for the partnership.
rights and duties of partners.
A Moving to another question will save this response.
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DELL
In relation to the formation of a partnership, select the correct statement:
Group of answer choices:
1 A partnership is property created once a partnership agreement is signed.
2 A partnership can exist without the members being aware that they are in fact in a partnership relationship.
3 A partnership can be created for a non-profitable purpose.
4 To come into existence, a partnership must be registered under the Partnership Law Act 2019.
Write the word or group of words that identify each of the following statements.
1.Any partner can act in behalf of the partnership as long as these acts are within the scope of normal partnership activity.
2. A partnership which failed to comply with one or more of the legal requirements for its establishment.
3.An entry prepared when industry is contributed into the partnership.
4. A partnership organized for the purpose of rendering service.
5. A contract whereby two or more persons bind themselves to contribute money, property, or industry to a common fund with the intention of dividing profits among themselves.
6. The basis for recording a partner's contribution in the form of noncash assets
7. One who is both a silent and a scret partner.
8. The partnership contract in writing which governs the formation, operation, and dissolution of the…
Chapter 16 Solutions
Advanced Financial Accounting
Ch. 16 - What are the major causes of a dissolution? What...Ch. 16 - Prob. 16.2QCh. 16 - Prob. 16.3QCh. 16 - Prob. 16.4QCh. 16 - Contrast a lump-sum liquidation with an...Ch. 16 - Prob. 16.6QCh. 16 - Prob. 16.7QCh. 16 - Prob. 16.8QCh. 16 - Prob. 16.9QCh. 16 - Prob. 16.10Q
Ch. 16 - Prob. 16.11QCh. 16 - The installment liquidation process uses a...Ch. 16 - Prob. 16.13QCh. 16 - Prob. 16.14QCh. 16 - Prob. 16.15QCh. 16 - Cash Distributions to Partners Analysis The...Ch. 16 - Prob. 16.2CCh. 16 - Prob. 16.3CCh. 16 - Sharing Losses during Liquidation Research Hiller,...Ch. 16 - Prob. 16.1.1ECh. 16 - Prob. 16.1.2ECh. 16 - Prob. 16.1.3ECh. 16 - Prob. 16.1.4ECh. 16 - Prob. 16.1.5ECh. 16 - Prob. 16.1.6ECh. 16 - Prob. 16.1.7ECh. 16 - Prob. 16.2.1ECh. 16 - Prob. 16.2.2ECh. 16 - Prob. 16.2.3ECh. 16 - Prob. 16.2.4ECh. 16 - Prob. 16.2.5ECh. 16 - Prob. 16.2.6ECh. 16 - Prob. 16.3ECh. 16 - Prob. 16.4ECh. 16 - Prob. 16.5ECh. 16 - Prob. 16.6ECh. 16 - Prob. 16.7ECh. 16 - Prob. 16.8ECh. 16 - Confirmation of Cash Distribution Plan Refer to...Ch. 16 - Prob. 16.10ECh. 16 - Prob. 16.11.1AECh. 16 - Prob. 16.11.2AECh. 16 - Prob. 16.11.3AECh. 16 - Prob. 16.11.4AECh. 16 - Prob. 16.11.5AECh. 16 - Prob. 16.11.6AECh. 16 - Prob. 16.11.7AECh. 16 - Prob. 16.11.8AECh. 16 - Prob. 16.11.9AECh. 16 - Prob. 16.11.10AECh. 16 - Prob. 16.11.11AECh. 16 - Prob. 16.12AECh. 16 - Prob. 16.13PCh. 16 - Prob. 16.14PCh. 16 - Prob. 16.15PCh. 16 - Prob. 16.16PCh. 16 - Prob. 16.17PCh. 16 - Prob. 16.18PCh. 16 - Matching Terms Match the items in the left-hand...Ch. 16 - Prob. 16.20P
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Similar questions
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