istinguish between “withdrawals” and “salaries” in accounting for partnership.

Q: Define Partnership Deed.

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: limited partnershi

A: Art. 1843. A limited partnership is one formed by two or more persons under the provisions of the…

Q: What is an articles of partnership agreement, and what information should this document contain?

A: Definition:   Partnership: This is the form of business entity which is formed by an agreement,…

Q: Which one of the following statements is correct with respect to the creation of a partnership?

A: A partnership business is the business which has been started by the persons (persons are known as…

Q: In the absence of Partnership deed, specify the rules relating to the following :(i) Sharing of…

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: By what methods can a new partner gain admittance into a partnership?

A: A new partner can join a partnership by acquiring part or all of the interest of one or more of the…

Q: briefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution

A: PARTNERSHIP A partnership is a kind of business wherever a proper agreement between 2 or additional…

Q: Which of the following statements is TRUE? Partners are employees of the partnership. Salaries to…

A: Partnership: A partnership is defined as a relationship where two or more parties having compatible…

Q: the assets of the partnership shall be applied lastly to

A: Liquidation of partnership firm takes place while turning down the business of the firm which…

Q: Explain the contract liability of a partnership and the partners.

A: In general, the liability that a partner assumes on behalf of another in a partnership is termed as…

Q: A well written partnership agreement should include each of the following except ________.A. how to…

A: There are several forms of business organisation. For example, Sole proprietorship, Partnership and…

Q: Which of the following methods of partnership admission will not result in a change in partnership…

A: When the partner is admitted to the partnership, total partnership and existing partner's capital…

Q: The distribution of cash, as the final process in winding up the affairs of a partnership, is based…

A: Winding up of affairs of partnership means shutting down of partnership business and all the assets…

Q: A partnership agreement should include each of the following except Basis for sharing net income or…

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

Q: Distinguish between 'Dissolution of Partnership' and 'Dissolution of Firm' on the basis of (i)…

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

Q: Accounting - Partnership Does unlimited liability of a partner for partnership debt an advantage…

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

Q: Write TRUE is the statement is TRUE and write FALSE if the statement is incorrect.              1.…

A: Partnership is a form of business in which some persons invest or combine their capital for a…

Q: What is the purpose of a drawing account in a partnership’s financial records?

A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…

Q: Why it is considered desirable to make the partnership agreement in writing.

A: In accountancy, Partnership is when two or more individuals decide to carry out any business…

Q: Explain the following of the section 34 of act 152, on partnership law.

A: section 34 of act 152, on partnership law. Sec. 34-152. Sharing of profits and losses

Q: Discuss the characteristics of the partnership according to its' definition.

A: Partnership is a business organisation which is created by two or more persons to carried out a…

Q: Why are both non-taxable income and non-deductible expenses received and incurred at the partnership…

A: Non- Taxable Income-: Non-Taxable Income is any income that is exempted from being taxed by the laws…

Q: hat are the differences between basis period use for the company purpose and for the individual/…

A: Answer: Basis period is the period that is selected for taxable period and for easy identification…

Q: Explain why it is considered better to make a partnership agreement in writing.

A: Partnership agreement: Partnership agreement is a written agreement that contains numerous…

Q: In a partnership, what are the effects of a partnership contract ONLY appearing in a private…

A: Partnership is a formal arrangement by two or more persons who operate and manages business to share…

Q: What are the kinds of partnership and explain

A: Partnership is the association of two or more individuals who contribute resources and capital to…

Q: In purchase of interest in partnership, the payment made by new partner is A) Paid to the…

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

Q: Define partnership, and what are the kinds of partnership?

A:

Q: Which of the following best describes the articles of partnership agreement? Multiple Choice The…

A: Partnership is an agreement where the persons come together to do a business and decide to bear…

Q: What are the allowable deductions to a General Professional Partnership?

A: The general professional partnership is defined as the partnership which is established through…

Q: Decribe the principle of "limited liability" in a limited liability partnership.

A: Limited liability partnership is a form of partnership that provide limited liability to its…

Q: The outside basis is defined in the internal revenue code as a partner's basis in the partnership…

A: True

Q: Required: 1. Explain the relevance of the Partnership Act and the Partnership Deed 2. Prepare the…

A: 1. Relevance of Partnership Act and Partnership Deed : Partnership Act : The partnership firm is…

Q: Discuss the notion of a partner acting as the partnership's agent.

A: This question explains about the notion of a partner acting as the partnership's agent.

Q: Explain the difference between a general partner and a limited partner?

A: Most of the partnerships formed either by General partnership or by limited Partnership. Both…

Q: Explain the tort liability of a partnership and the partners.

A: Tort refers to a situation when a partner injures a third person due to negligent behavior,…

Q: Complete the following statement: When there is neither Partnership Deed nor express agreement or…

A: A partnership is an association of two or more people to carry on the common business with the…

Q: Keeping the partnership assets and liabilities separated from the personal assets and liabilities of…

A: Assets are company-owned resources (tangible and intangible) that can bring future economic…

Q: State and explain the principal characteristics of a partnership

A: Partnership is a form or organization under which two or more than two person joins together to run…

Q: What elements strengthen the basis of a partner's partnership interest?

A: Answer: Partnership firm is the association of two or more persons on agreement of partnership deed.

Q: What are the legal similarities and differences of a Limited Partnership and a General Partnership?…

A: The legal similarities of a limited partnership and the general partnership are as follows:  Income…

Q: In a partnership, distinguish between the goodwill and bonus methods

A: Partnership: It is a form of business where two or more persons are joined together to conduct the…

Q: Distinguish between dissolution of partnership and dissolution of the firm.

A: Partnership:Partnership is defined as an association of two or more persons to carry business for…

Q: When accounts receivables are transferred into a partnership, at what amount should they be…

A: Accounts receivable is the amount of money due to an entity for goods or services provided or used…

Q: Choose the correct. Which of the following best describes the articles of partnership agreement?a.…

A: The articles of partnership are a legal covenant that may be expressed orally or in writing, and…

Q: Describe the purpose of the articles of partnership and list specific items that should be included…

A: Articles of partnership agreement: It is a legal agreement which may be oral or written is often…