Please help with this Accounting type Question: If immediate payment is not made to apartner taking leave from the firm then the due amount is transferred to A. Current account BLoan account C. Reserve account D. None of the above

Partnership -A partnership is a type of corporate structure in which two or more individuals…

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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Similar questions

a. What accounts are debited and credited to record a partner's cash withdrawal in lieu of salary?
When goodwill already appears in the books of accounts, what should be the desired option under those circumstances? O a. Goodwill account should be closed as it is the best option O b. Goodwill treatment is least important in partnership business c. Goodwill account is to be continued and no journal entries to be passed O d. None of these are correct
Generally speaking, what events or activities would normally result in a partner’s capital account being debited?
Which one of the following is an indirect cost of bankruptcy? The fees that creditors need to pay to their lawyers to help them recover their credit Court fees Administrative delays that creditors experience in recovering their money Workers spending their time searching for alternative employment opportunities
Question 16 This principle requires measurement of transaction on the basis of cost price or equal to cash price A. Full disclosure B. Exchange price principle C. Matching principle D. Revenue recognition principle Question 19 The rights of the partner over the net assets of the business is called A. Parter's drawing B. Partners equity C. Partners capital D. None of the above
Define and differentiate between sole trader and partnership business with full explanation I need a help on this . Expect answers no plasgism
Potential partners might not want to form a partnership because of the risk of having their personal property forfeited in favor of the business's creditors. O True O False
Trade receivables include employee advances. occur when two companies trade or exchange notes receivables. can be accounts receivable or notes receivable. do not result from the operations of the business.
Determine if this shall result in recognition of liabilities 5. signing of employment contract by a new employee a. yes b. no
S1: When two or more proprietors form a partnership, one may maintain his own books as the partnership books. Accordingly, only the other partners need to adjust and close their accounts. S2: When one of the partners retain his books as the books of the partnership, still, he should also close his accounts and record his investments both statements are true both are false only S1 is true only S2 is true.
NOTE AI ANSWER EXPERT SOLUTION
A partner who does not take active part in the business and is not known to be a partner O A. Dormant partner B. Retiring partner C. Sub-partner D. Ostensible partner

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Please help with this Accounting type Question: If immediate payment is not made to a partner taking leave from the firm then the due amount is transferred to A. Current account B . Loan account C. Reserve account D. None of the above