Which of the following statements is correct when a new product is admitted to an existing partnership by purchasing a portion of a capital interest of an existing partner? A. The partnership will recognize gain or loss in the transfer of capital from one partner to another partner. B. It will result to revaluation or impairment of existing assets of the partnership C. It will just result to credit to capital of newly admitted partner with corresponding debit to capital of the selling partner D. The partnership is not dissolved by the admission of a new partner by purchase

Q: If the income of a partnership is not sufficient enough to satisfy all of the provisions of the…

A: When partnership business income is not sufficient to satisfy all the provision of partnership…

Q: How does partnership accounting differ from corporate accounting?     A. The matching principle is…

A: The company is a separate identity different from its promoters that is why it has separate…

Q: If goodwill is suggested by the consideration paid to a withdrawing partner, Question 9 options:…

A: Goodwill is not physically present but a very important aspect of any business categorized as an…

Q: 11. Partnership assets may bè revalued but they may value. Is allocated to the existing partners…

A: As per the norms of Bartleby, in case of multiple sub parts been asked per question, only first…

Q: A partnership is treated as a separate entity with respect to       a.the paying of income taxes.…

A: Partnership is a form of business entities whereby two or more than two individuals join hands to…

Q: Debited to partners' capital account

A: Correct Answer :- C Debited to partner capital.

Q: Which of the following is correct with regards to partnership liquidation? a. All creditors must be…

A: At the time of liquidation of partnership firm, all the liabilities are paid off from the available…

Q: 15. Which statement(s) is incorrect? * -Income summary account is closed directly to capital…

A: Answer: Concept: Partnership firm is the association of two or more person. They agree to share…

Q: A partnership agreement specifies salaries to partners, interest on partners' capital, and the…

A: The partnership is an separate legal entity. The partners share of Profit form the partnership firm…

Q: Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect.…

A: Below is the response given for true or false:

Q: What should be done regarding this matter?

A: Partnership refers to a form of business, where two or more persons come together with some common…

Q: When a partner sells his capital interest to a new partner, the following take place except it is…

A: Partnership: Partnership is a form of business organization in which two or more two individuals…

Q: ith the lowest capital balances first  c. Partners based on their capital balances

A: When a partnership is dissolved , the assets are liquidated and liabilities are paid off

Q: The partnership contract, binds the partners to contribute money, property, or industry to a common…

A: The partnership contract is signed by the partners who agree to contribute capital, property, common…

Q: In the realization process for a partnership if an asset is sold for more than book value that is…

A: Question 1:  Let Book Value of Asset = $ 500,000 Selling Price of Asset = $ 600,000  Here, Selling…

Q: The objective of preparation of income statement of partnership is: a. To show how net profit has…

A: The income statement is one of the important financial statements of the business.

Q: The partnership contract, binds the partners to contribute money, property, or industry to a common…

A: Option only Statement 1 is True...The partnership contract, binds the partners to contribute money,…

Q: Under the entity theory, a partnership is O A. Viewed through the eyes of the partners B. Viewed as…

A: Solution: Under the entity theory, a partnership is "viewed as having its own existance apart from…

Q: What is the purpose of a partnership appropriation account? A to avoid disagreements between the…

A: Partnership refers to an agreement where between two or more people come together for a common goal.…

Q: Besides drawing a written partnership agreement, it is legally possible to start a partnership on…

A: Introduction: Partnership is a one form of business in which two or more person joins hands to carry…

Q: 1) The objective of preparation of income statement of partnership is: a. To show the ratio of…

A: Answer: The objective of preparation of income statement of partnership is to identify the revenue…

Q: Accounting for the admission of a new partner by purchase of a partner's interest will a b C O d not…

A: Admitting a new partner involves bringing an individual into an existing business, often by…

Q: Under the entity theory, a partnership is O A. Viewed through the eyes of the partners B. Viewed as…

A: Solution: Under the entity theory, a partnership is "viewed as having its own existance apart from…

Q: As we know, we can use Land, Building, and other Noncash as Initial Investment in Partnership But…

A: A partnership is a voluntary association of two or more legally competent persons to carry on a…

Q: An incoming partner may acquire an interest in the partnership for a price in excess of that…

A: Introduction: Partnership: Its an agreement between two or more members for forming a business with…

Q: partnership final accounts?

A: Correct answer :- a Adjustments will be recorded have dual effects in the income statement and…

Q: Which of the following is not a characteristic of a partnership? O It has unlimited liability. There…

A: A partnership is a form of business in which people agree to operate and manage a business in…

Q: In the absence of a partnership agreement, the profit between the partners is shared on the basis c…

A: Partnership deed is an agreement between the partners of a firm that outlines the terms and…

Q: S1: Forming a partnership requires two or more people agreeing partners Contributing all their…

A: A partnership is an agreement between two or more partners to start a firm and share its profit and…

Q: Which one of the following is not an advantage of partnership? a. Less profit because profit is…

A: solution: Following are the advantage of partnership:   1. Increased capital 2. Increased knowledge…