Which of the following rules apply/s in case of absence of partnership deed? a. No interest on capital Only b. No salaries and No interest on capital c. None of the options d. No salaries Only

29. Unless otherwise agreed, a partnership dissolves if___ Group of answer choices A. An event occurs that the partners agreed would dissolve the partnership B. A court dissolves the partnership C. The business is illegal D. All of the above

17. When a partner dies or withdraw from the partnership, his capital in the partnership must be adjusted for the following, before settlement, except:   A. Share in the net income of the partnership till the date of death or withdrawal       B. Share in the adjustment of partnership assets to their fair values at date of death or withdrawal       C. Share in adjustment of partnership liabilities to their fair values at date of death or withdrawal       D. None of the above.       E. Answer not given

1. S1: The dissolution of a partnership occurs only when the partnership is terminating operations and going out of business.S2: Bonus paid to a new partner result in a reduction to the capital accounts of the existing partners in proportion to their capital ratio. a. S1 is false, S2 is trueb. Both statements are truec. Both statements are false d. S1 is true, S2 is false

Which of the following apply to a partnership that consists solely of general partners?  I. Double taxation of partnership profits. II. Limited partnership life. III. Active involvement in the firm by all the partners. IV. Unlimited personal liability for all partnership debts. Group of answer choices II and III only. II only. II, III, and IV only. I and II only. I, II, and IV only.

a) How is a sec 707(a) payment to a partners for service treated by the partners and the partnership? when will it be recongnise by a cash basis partner? when will it be deducted by a partnership? b) How is a guaranteed payment for services treated by the partner and the partnership? What is it recongnized or deducted?

A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true?  a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. Partnership profit and loss ratio will change. d.There is no need to revise the partners’ equity.

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The balance sheet for the Delphine, Xavier, and Olivier partnership follows: Cash Noncash assets Total assets $ 75,120 142,000 $ 217,120 Required A Liabilities Delphine, capital Xavier, capital Olivier, capital Total liabilities and capital Delphine, Xavier, and Olivier share profits and losses in the ratio of 4:4:2, respectively. The partners have agreed to terminate the business and estimate that $16,200 in liquidation expenses will be incurred. Complete this question by entering your answers in the tabs below. Required B a. What is the amount of cash that safely can be paid to partners prior to liquidation of noncash assets? b. Calculate the amount of safe payment that can be made to each partner prior to liquidation of noncash assets. 50, 500 80,580 61,000 25,040 $ 217,120 $