In case of admission of a partner, the first adjustment that need to be prepared is?? A. Bank account B. Profit and loss account adjustment C
In case of admission of a partner, the first adjustment that need to be prepared is?? A. Bank account B. Profit and loss account adjustment C
Chapter21: Partnerships
Section: Chapter Questions
Problem 6BCRQ
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Question
In case of admission of a partner, the first adjustment that need to be prepared is??
A. Bank account
B. Profit and loss account adjustment
C. The revaluation of assets
D. Realization of income or loss
S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protected S2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. *
A. Both statements are true
B. s1 True; S2 False
C. S2 True; S1 False
D. Both statements are false
S1: Joint Control is present if tow ore more parties have greater than 50% Control.S2: One Party has more than 50% in a joint arrangement *
A. Both statements are false
B. Both statements are true
C. S2 True; S1 False
D. s1 True; S2 False
S1: If the total contributed capital of THE partnership is greater than the
total agreed capital, it is possible that a goodwill be recognized or an undervaluation of asset occurred.S2: Noncash assets sold by the partnership will prioritize payment of Creditors *
A. Both statements are false
B. s1 True; S2 False
C. Both statements are true
D. S2 True; S1 False
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