pro-rata to his contribution.
Q: Castelo, a partner in BRC Partnership, assigns his partnership interest to Serrano, who is not made…
A: Since in the given case, Castelo, a partner in BRC Partnership, assigns his partnership interest to…
Q: Castelo, a partner in BRC Partnership, assigns his partnership interest to Serrano, who is not made…
A: Partners may sell or transfer their interest in the partnership without loosing their rights and…
Q: When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest…
A: As final settlement of Jill exceeded her capital balance, therefore under bonus method, remaining…
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A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
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A: Partnership is an association between two or more than two partners. Liquidation of partnership…
Q: When Billie retired from Billie, Ive, and Fromis partnership, he received cash in excess of his…
A: "Since you have asked multiple questions, we will solve first question for you. If you want any…
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A: A partnership is a type of business where two or more persons come together to commence a business…
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A: In a partnership, two or more parties agree to operate and manage a business and share the profits…
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A: LLP is a form of partnership business where the liability of several or all of the partners is…
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A: The drawings are the cash or assets withdrawn by the owner or partner for his personal use. The…
Q: Which of the following is false? A. The partnership contract can be oral or written B. There is no…
A: There is limit of 200 partners in a partnership.
Q: Assume that the Barnes and Ardmore partnership agreement provides for a two-third/one-third sharing…
A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed…
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A: In the light of provisions of Partnership Act, When a property other than Cash is invested in a…
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Q: 6. If the business incurred a loss for the period, and there is only a profit sharing agreement in…
A: The given statement is True.... In the absence of agreement between the partners regarding the…
Q: Castelo, a partner in BRC Partnership, assigns his partnership interest to Serrano, who is not made…
A: Solution: Castelo, a partner in BRC Partnership, assigns his partnership interest to Serrano, who is…
Q: In the LP Partnership, Lulu and Popo had a capital ratio of 3:1 and a profit and loss ratio of 2:1,…
A: A partnership is a form of business organization under which two or more than two person joins…
Q: which of the following is false regarding the partnership form of business? The potential…
A: Partnership is the arrangement between two or ore parties to start and manage a business and share…
Q: The following characteristics represents differences of partnership from a corporation, except *…
A: SOLUTION- LIABILITY OF PARTNERS IN PARTNERSHIP IS UNLIMITED ACCORDING TO INDIAN PARTNERSHIP ACT…
Q: Rajesh contributed appreciated property to the RS Partnership in year 1. In year 4, that property…
A: Rajesh gave the RS partnership appreciated property in year one, which was handed to Simon in year…
Q: If a partner's contribution in kind has been over-valued; upon complain by others, the said partner…
A: If a partner's contribution in kind is over valued, the partner shall contribute the difference…
Q: K is a capitalist partner. In the articles of partnership, it was provided that K’s duty was to…
A: He will be entitled to right to compensation
Q: When a general partner is unable to pay a capital deficiency: The partner must take out a loan to…
A: The correct answer is:- Both B and D As the deficiency is divided between the remaining partner and…
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A: The business can be conducted as a sole proprietor where only one person will be the authorized…
Q: A, one of the partners in the ABC Partnersh decided to buy the share of B in the partnership. Which…
A: Solution: IF A decided to buy share from B directly, following statements are true" 1. Partner's…
Q: The following cases on their own do not necessarily establish a partnership, except * Persons who…
A: In determining whether a partnership exists, the following rules shall apply: (1) persons who are…
Q: A, B and C formed a commercial partnership. D represented himself as a partner in the partnership to…
A: Partnership is a form of business in which two or more than two persons join hands together in order…
Q: The following two independent cases deal with a partnership and/or partners that are…
A: 1.
Q: In the Quirino-Aquino Partnership, Quirino and Aquino had a capital ratio of 3:1 and a profit and…
A: The question is based on the concept of Financial Accounting.
Q: Which statement is incorrect? -All partnerships should have at least one general partner. -A…
A: A partnership is a form of business organization in which two or more than two person joins together…
Q: Which of the following statements is correct when a new product is admitted to an existing…
A: Solution: The correct statement when a new partner is admitted to an existing partnership by…
Q: In a partnership, a capital deficiency occurs for a partner when Options: • His share in the…
A: Solution: Capital deficiency means debit balance of one or more partner at the time of final cash…
Q: A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership.…
A: Buying of share of one partner by other will impact the individual equity of the partners.
Q: When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest…
A: Solution: As final settlement of Jill exceeded her capital balance, under bonus method, extra amount…
Q: Emilio Alvarez and Graciela Zavala joined together to form a partnership. Is it possible for them to…
A:
Q: Kay, Kat, and Kim are partners. In a liquidation, Kay’s share of partnership losses exceeds her…
A:
Q: 1. A and B are capitalist partners while C is an industrial partner. There is no agreement as…
A: Capitalist partner is the one who contributes or provide the money and property to the partnership…
Q: If a partnership is liquidated, partners ( except for limited partners) are liable to the extent of…
A: Partnership is an agreement by two or more individuals to do a business together and the profit or…
Q: , one of the partners in the ABC Partnership, decided to buy the share of B in the partnership.…
A: Solution: A, one of the partners in the ABC Partnership, decided to buy the share of B in the…
Q: Sulaiman and Yousuf are partners who contribute in cash and Yousuf's contribution as land. If the…
A: The profit sharing of the partners is dependent upon the contribution of the capital by the…
Q: If a partner who retired from the partnership receives less than the capital balance before…
A: Revaluation/impairment of asset need to be done ,so fair settlement take place.
Q: A capital deficiency means that: The partnership has a loss. The partnership has more liabilities…
A: Partnership refers to an agreement where between two or more people come together for a common goal.…
Q: Emilio Alvarez and Graciela Zavala joined together to form a partnership. Is it posible for them to…
A: Partnership firm is formed by the two or more members. These members are called partners and their…
Q: Which one of the following alternatives is correct? A. The retirement of a partner from a…
A: Partnership refers to the one where two or more individuals join hands to operate a business…
Q: Which of the following statements is correct when a new partner is admitted to an existing…
A: Solution: The correct statement when a new partner is admitted to an existing partnership by…
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- Any assets invested by a particular partner in a partnership ________. A. do not become a partnership asset but instead remain with the partner B. can be used only by the investing partner C. become the property of all the partners D. are the basis for all profit sharingWhich of the following is a disadvantage of the partnership form of organization? A. limited life B. no taxation at the partnership level C. flexibility in business operations D. combining of financial resourcesWhich of the following may not be treated as a partnership for tax purposes? Arnold and Willis operate a restaurant. Thelma and Louise establish an LLP to operate an accounting practice. Lucy and Desi purchase real estate together as a business. Jennifer and Ben form a corporation to purchase and operate a hardware store. All of the above are partnerships.
- Castelo, a partner in BRC Partnership, assigns his partnership interest to Serrano, who is not made a partner. After the assignment, Serrano asserts the right to I - Participate in the Management of BRC. II - Castelo’s partnership profits Serrano is correct to which of the rights?K is a capitalist partner. In the articles of partnership, it was provided that K’s duty was to provide capital only. One day, K was asked to assist the accountant of the partnership so that they can immediately pay the taxes on time. Among the rights of a partner, what can K avail to get payment for the extra hours of work for the partnership? Right to share in the profits None of the above Right to return of capital Right to compensationThe following cases on their own do not necessarily establish a partnership, except * Persons who are not partners to each other. Receipt by a person of a share of the profits of a business. Co-ownership or co-possession, whether such co-owners or co-possessors do or do not share any profits made by the use of the property. Sharing of gross returns, whether or not the persons sharing them have a joint or common right or interest in any property from which the returns are derived.
- Castelo, a partner in BRC Partnership, assigns his partnership interest to Serrano, who is not made a partner. After the assignment, Serrano asserts the right to I - Participate in the Management of BRC. II - Castelo’s partnership profits Serrano is correct to which of the rights? neither I nor II I and II I only II onlyEmilio Alvarez and Graciela Zavala joined together to form a partnership. Is it posible for them to lose a greater amount than the amount of their investment in the partnership? Explian.Choose the response that correctly completes the following sentence about an individual partner's outside basis in a partnership. A partner's outside basis: A) Cannot be less than zero. B) Does not change as long as the partner maintains their partnership interest. C) Is used to apply the basis limitation to losses from a partnership. D) Must be tracked by the partnership. An S corporation shareholder may carry forward unallowed loss that exceeds the basis of their stock (increased by any loans the shareholder made to the corporation) for what period of time? A) A maximum of two years. B) A maximum of ten years. C) A maximum of twenty years. D) Indefinitely, until they are allowed to deduct the entire amount. The Form 1099-A, Acquisition or Abandonment of Secured Property, gives the taxpayer the information that they need to calculate: A) The amount that they will need to pay to avoid having to give up their property. B) Gain or loss from the sale of the property. C) Their ordinary…
- Which of the following is a disadvantage of general partnerships? ( a) The partners in a general partnership are exposed to double taxation. ( b) Compared to the other forms of ownership, the paperwork and costs involved in forming a general partnership are the most extensive. ( c) A partner who withdraws from a partnership cannot be held liable for any debts the furm had at the time of withdrawal. ( d) All general partners have unlimited liability for the debts and obligations of their business.A, B and C formed a commercial partnership. D represented himself as a partner in the partnership to E who, on the belief of such representation, extended credit of P50,000 to the partnership. Assuming only B and C consented to such representation, who shall be liable to E? a. B, C and D are partners by estoppels and thus, are liable to E? b. Only partners A, B and C are liable to E for the benefit extended to them. c. Only D who made the representation is liable to E. d. All of A, B, C and D are liable because of partnership liability for the credit extended to the partnership by E.Generally, gain is not recognized on contribution of appreciated property to a partnership. Which of the following situations may be an exception to that general rule? PICK ALL THAT APPLY!!! Question 1 options: The contributing partner contributes appreciated property to the partnership and shortly after receives a large distribution of cash from the partnership so that most of the partner's interest in the partnership is liquidated. The exchange appears to essentially be a partial sale of the property through the partnership form. The partner contributes appreciated property to a partnership and the partner is not in control of the partnership (over 50% ownership). A partner receives a capital interest for services performed for the partnership. The partner contributes a property to the partnership that is encumbered by a recourse liability, the partnership assumes the liability, and the net effect of these is to take…