Discussion Questions1. Enumerate and define the two equity accounts that would have to be maintained for everypartner in a partnership book of accounts?2. Enumerate four reasons why the partner's capital account may be increased.3. What are the different ways of dividing partnership profits and losses?4. What does the law provide if there was no agreement between or among the partnersregarding the distribution of profits and losses?5. What does the law provide if there was an agreement among partners regarding thedistribution of profits but no stipulation was made regarding distribution of losses?6. What are the factors that can be considered in deciding what particular scheme of profit andloss sharing may be adopted by the partnership?7. What are the three possible bases that can be used in computing capital ratios? Which ofthese three bases would give a more equitable profit or loss distribution?8. What is meant by "salary allowances" to partners? What is the normal treatment to this?9. What is meant by "bonus" given to partner/s? How is this recorded in the books?10. Enumerate some of the differences in the financial statements of a partnership and soleproprietorship.

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Enumerate and define the two equity accounts that would have to be maintained for every partner in a partnership book of accounts?

SWFT Comprehensive Volume 2019

42nd Edition

ISBN:9780357233306

Author:Maloney

Publisher:Maloney

Chapter21: Partnerships

Section: Chapter Questions

Problem 6BCRQ

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