loan to partner , the debit side will be in the partnership Select one: a. cash b. No entry c. partner loan d. partner capital
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A: Hi student Since there are multiple questions, we will answer only first question.
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- A partnership ________. A. has one owner B. can issue stock C. pays taxes on partnership income D. can have more than one general partnerMutual agency is defined as: A. a mutual agreement B. the right of all partners to represent the companys normal business operations C. a synonym for partnership D. a partnership between two partnershipsWhich of the following is an expense of a LLP? إختر أحد الخيارات: a. Interest on loans from partners to the partnership. b. Interest on partners’ capital account balances. c. Interest on loans to partners from the partnership. d. interest on notes receivable
- The withdrawal of capital by a partner from the business of partnership will be? a. Credited to partners' capital account b. Debited to profit and loss appropriation account c. Debited to partners' capital account d. Credited to profit and loss accountChoose the response that correctly describes a guaranteed payment. (a) A loan payment from the partnership to pay back a loan from a partner. (b) A loan payment from the partner to pay back a loan from a partnership. (c) A payment made to a partner from the profits of the partnership. (d) A payment made to a partner without regard to the income of the partnershipThe objective of preparing Income Statement of partnership is: a. To show the interest on capital of each partner b. To show drawings of partnership firm c. To show the capital of each partner d. To show the net profit or loss of partnership firm
- The purpose of preparation of partners' capital account is: a. To know the balance of capital of each partner b. To know the balance of goodwill of each partner c. To know the balance of drawings of each partner d. To know the interest on loan of each partnerThe accounting treatment of capital invested in partnership business will be? a. Debited to cash account b. Credited to cash account c. Debited to profit and loss appropriation account d. Debited to partners' capital accountChoose the response that correctly describes a guaranteed payment. A loan payment from the partnership to pay back a loan from a partner. A loan payment from the partner to pay back a loan from a partnership. A payment made to a partner from the profits of the partnership. A payment made to a partner without regard to the income of the partnership.
- Which one of the following is a gain to the partnership firm? a. Interest on loan from bank b. Interest on capital c. Withdrawal of capital d. Interest on drawingsThe share of profit of partners will appear: a. On the credit side of the partners+IBk- capital account b. On the debit side of the profit and loss appropriation account c. On the credit side of the profit and loss appropriation account d. Neither credit side nor debit side of the profit and loss appropriation accountI. The partnership contract, binds the partners to contribute money, property, or industry to a common fund with the intention of dividing profits equally. II. The partnership personality is distinct and separate from that of its partners. A. BOTH STATEMENTS ARE TRUE B. ONLY THE 1ST STATEMENT IS FALSE C. BOTH STATEMENTS ARE FALSE D. ONLY THE 1ST STATEMENT IS TRUE
