64. Dissolution of a firm takes place- A. O by the death of any one of the partner B. O by the retirement of any one of the partner C. O by the insolvency of any one of the partner D. O by the insolvency of all but except one partner
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- 11. The following are indications of partnership dissolution except: A.Two or more sold part of their interest to a third party B.A new partner is admitted to the partnership by contributing cash to the partnership C.One partner withdrew from the partnership D. One partner died and the remaining partners decided not to continue partnership operations E. Answer not given____ 58. When a corporation completes a 3-for-1 stock split a. the ownership interest of current stockholders is decreased b. the market price per share of the stock is decreased c. the par value per share is decreased d. b and c ____ 59. When a new partner is admitted, this change in the ownership of a partnership results in a. consolidation of the partnership b. liquidation of the partnership c. realization of the partnership d. dissolves the old partnership____ 59. When a new partner is admitted, this change in the ownership of a partnership results in a. consolidation of the partnership b. liquidation of the partnership c. realization of the partnership d. dissolves the old partnership
- 6 19 1. In the liquidation of general partnership, which of the following claims shall be settled first by the liquidating partner? Group of answer choices a. Advances made by capitalist partner to the partnership b. Employee benefits of workers c. Capital contribution by the managing partner d. Share in profit by the industrial partner 2. A partners retires from the partners and receives an amount higher than his capital balance at the time of his retirement. Under Philippine GAAP, which of the following explanation is valid if the capital balances of the remaining partners increase after such retirement? Group of answer choices a. Goodwill arising from partner's retirement has been recognized. b. Bonus has been given by remaining partners to retiring partner. c. Bonus has been given by the retiring partner to the remaining partners. d. Asset revaluation has been recognized at the time of retirement.1. When Mill retired from the partnership of Mill, Yale, and Lear, the final settlement of Mill's interest exceeded Mill's capital balance. Under the bonus method, the excess a. was recorded as goodwill. b. was recorded as an expense. c. reduced the capital balances of Yale and Lear. d. had no effect on the capital balances of Yale and Lear. 2. Statement 1 – The retirement or withdrawal of a partner from a partnership requires termination of the business; Statement 2 – When a partner retires from a partnership, he or she is personally liable for any partnership debts incurred after the retirement. a. Only Statement 1 is correct b. Only Statement 2 is correct c. Both Statements are correct d. Both Statements are incorrect 3. Two individuals who were previously sole proprietors formed a partnership. Property other than cash which is part of the initial investment in the partnership would be recorded for financial…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
- In the absence of agreement to the contrary, when shall the right to an account of his interest accrue to any partner, or his legal representative as against the winding up partners or the surviving partners or the person or partnership continuing the business? * At the date of the start of operation of the new business At the date of dissolution 3 months from the date of dissolution 1 month from the date of dissolution19 A partners retires from the partners and receives an amount higher than his capital balance at the time of his retirement. Under Philippine GAAP, which of the following explanation is valid if the capital balances of the remaining partners increase after such retirement? Group of answer choices a. Goodwill arising from partner's retirement has been recognized. b. Bonus has been given by remaining partners to retiring partner. c. Bonus has been given by the retiring partner to the remaining partners. d. Asset revaluation has been recognized at the time of retirement.Statement 1 – The retirement or withdrawal of a partner from a partnership requires termination of the business; Statement 2 – When a partner retires from a partnership, he or she is personally liable for any partnership debts incurred after the retirement. a. Only Statement 1 is correct b. Only Statement 2 is correct c. Both Statements are correct d. Both Statements are incorrect
- 1. S1: The personal assets of the partners are used first to settle their personal obligations before they are used to satisfy the claims of the partnership creditors. S2: An industrial partner is exempted to share for the losses of the business and is not required to contribute additional cash in case of insolvency of the partnership. a. Both statements are correct b. Both statements are incorrect c. Only S1 is correct. d. Only S1 is incorrect. 2. S1: In liquidation process, the noncash assets are sold only to outside parties but never to any of the partners. S2: An insolvent partners’ capital deficiency can be solved by his additional cash contribution. a. Both statements are correct b. Both statements are incorrect c. Only S1 is correct. d. Only S1 is incorrect. 3. S1: Dissolution and liquidation are different. S2: In the liquidation of a business the owners’ claims are settled simultaneously…10. Before the allocation of loss, the following items are allocated first, except:A. Salaries to managing partner C. Interest on partnership’s bank loan B. Bonuses to partners D. Interest on partner’s capital 11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a capital partner.Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all existing partners. Statement- 1 Statement- 2A. True FalseB. False FalseC. False TrueD. True True 12. Mark Javier is an active partner in the Javier & Dela Rosa partnership, receives an annual bonus of 25% the partnership profit after deducting a bonus. For the year ended, December 31, 2021, partnership income before the bonus amounted to 200,000. The amount of bonus given to Mark Javier for the year 2021 would be?Answer: P______________…Question 9 I. As a rule, when a partnership is dissolved, any of the partners can bind the partnership. II. Where the dissolution is caused by the act, death or insolvency of a partner, each partner is Liable to his co-partners for his share of any liability created by any partner acting for the Partnership as if the partnership had not been dissolved. a. Only I is correct b. Only II is correct c. Both are true d. Both are false