16. A person may become a partner in a partnership by all of the following methods except A. Investing in the partnership with a bonus to the new partners B. Making a loan to the partnership C. Investing in the partnership with a bonus to the old partnes D. Purchasing a partner's interest

Q: 14. Which journal entry holds true for admission of a new partner by purchase of interest? A. Debit…

A: Admission of a partner will decrease the interest of other partners of the firm. When a new partner…

Q: The objective of preparing Income Statement of partnership is: a. To show drawings of partnership…

A: Income statement shows various amount of revenues and expenses.

Q: 6. In partnership liquidation the first cash distribution should be made for A) partner capital B)…

A: Answer:-  Partnership liquidation meaning:- Liquidation of partnership takes place when partners…

Q: 26. The partnership net income is allocated to each partner's capital using the profit and loss…

A: Since multiple questions have been posted we will answer the first question for you as per the…

Q: . A mode of settling the interest of a retiring partner that affects the partnership assets.

A: Retirement of partner will result a gain in profit sharing ratio between remaining partners. The…

Q: Each partner has a claim on partnership assets based on his/her: a. Capital account b. Drawings…

A: Each partner has a claim on partnership assets based on his/herCapital account balance standing at…

Q: Given the stated fair values, if Rowe were to sell one-half of her interest in capital to someone…

A: You have asked multiple questions under a single question but we can provide under a single solution…

Q: S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance…

A: "Since you have asked multiple question we will solve the first question for you.  If you want any…

Q: 27. Which of the following statements are not true about partnerships? Group of answer choices A.…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: A person may become a partner in a partnership by all of the following methods EXCEPT   Options:…

A: A person may become a partner in a partnership by all of the following methods as under: • Investing…

Q: 16- Mutual agency means Top of Form Multiple Choice Creditors can apply their claims to…

A: A mutual agency is an agreement where one partner can bind the entire partnership into a contract.

Q: . Write the word or group of words that identify each of the following statements.…

A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for…

Q: Answer the following questions: 1. What is a limited partnership? Who is a limited partner? Article…

A: SOLUTION- ARTICLE 1843 , A LIMITED PARTNERSHIP IS ONE FORMED BY TWO OR MORE PERSONS UNDER THE…

Q: In case the partnership makes profit, how will an industrial partner be given a share? A. what is…

A: There are many type of partners in partnership agreement. industrial partners is different type of…

Q: 3- The objective of preparation of income statement of partnership is: a. To show the ratio of…

A: The income statement shows the net income earned by the partnership firm during the year. Net income…

Q: A new partner is admitted to an existing partnership. As a result of admission, the capital balances…

A: Partnership represents the form of business that is owed and controlled by two or more partners who…

Q: 1. Which of the following statements about partnership accounts is true?   A. Two accounts are…

A: Hi student Since there are multiple questions, we will answer only first question.

Q: 9. In the AA-BB partnership, AA and BB had a capital ratio of 3:1 and a profit and loss ratio of…

A: The partnership comes into existence when two or more persons agree to do the business and further…

Q: Which one of the following is a gain to the partnership firm? a.Interest on drawings b.Interest on…

A: Solution: Interest on capital is expense or division of profit by partnership to partners. Interest…

Q: What is the liability of partners in a partnership firm? Select one: A.Limited B. No Liability C.…

A: Partnership :— It means that partners are agreed to share profit or loss of a business carried by…

Q: statement of financial position of the partnership?

A: Correct Answer :- a Closing balance of capital from partners Capital Account.

Q: S1: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance…

A: Explanation and answer is given below,

Q: What will be the total liabilities of the partnership after its formation? What is the capital…

A: Partnership is a business which is carried by the partners and the partners contribute capital in…

Q: 13. There are two tests to determine the existence of a partnership: I. First test: Determine…

A: Note:We’ll answer the first question since the exact one wasn’t specified. Please submit a new…

Q: partnership

A: Correct Answer :- D Credited to partner capital Account.

Q: In investment in partnership, the payment made by new partner is A) Paid to the partnership В Paid…

A: SOLUTION-   EXPLANATION- THE NEW PARTNER CAN PURCHASE ALL OR PART OF THE INTEREST OF A CURRENT…

Q: 7. If during the course of the partnership I decided to sell my partnership interest, would I be…

A: Partnership means where two or more person comes together to do some common business activity and…

Q: Question 12 All of the following are characteristics of a partnership, except: OA. is not considered…

A: Partnership is one of the form of business organisation.

Q: 1. A partnership contract should always be prepared regardless of the amount or nature of the…

A: Since you have posted a question with multiple sub parts, we will answer only first three sub parts.…

Q: 17. When a partner dies or withdraw from the partnership, his capital in the partnership must be…

A: Partnership is an important aspect of Accounting as it takes place wen two or more people come…

Q: If a partner is insolvent, the first in the order of preference in the distribution of his assets…

A: If a partner is insolvent, the first in the order of preference in the distribution of his assets…

Q: a) How is a sec 707(a) payment to a partners for service treated by the partners and the…

A: a) Under Sec 707(a) partners and partnerships are treated as separate entities and transactions…

Q: Which one of the following will be recorded in the statement of financial position of the…

A: The statement of financial position is a statement that records the assets, liabilities, and capital…

Q: financial position

A: The objective of preparation of statement of financial position of partnership is Correct Answer :-…

Q: Which one of the following is a gain to the partnership firm? a. Interest on drawings b.

A: Solution: "Interest on drawings" is a gain to the partnership firm.

Q: 21. When 'a bonus is given to the new partner, part of the entry to record the admission of new…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want…

Q: KINDLY ANSWER THE FIVE QUESTIONS. THANK YOU! 1.S1: Partnership profits and losses (including…

A: The questions  are multiple choice questions. The topic is related to Partnership Accounting.

Q: 4. How shall the profits and losses of the partnership be distributed among the partners? a.…

A: Partnership is an agreement or association between two or more than two partners, in which they…

Q: 24. Which of the following statements about partnership accounts is true? • a. Two accounts are…

A: The partnership  comes into existence when two or more persons agree to do the business and share…

Q: Which of the following rules apply/s in case of absence of partnership deed? a. No interest on…

A: In the absence of a partnership deed, interest on capital and drawings is applicable at a rate…

Q: artners are not entitled to bonus

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

Q: If there is partnership deed, then which one of the following will apply? a. Interest will be…

A: The partnership deed is a written agreement among partners which discuss about the partnership terms…

Partnership Accounting

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc. 

Partner Admission and Withdrawal

A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.