S1: An advance to partnership by a partner with the assumption of its repayment by the partnership increases the capital account of the partnership. S2: Drawing account is debited for obligations of the partnership assumed by a partner a. both statements are true b. both statements are false c. only S1 is true d. only S1 is false.
S1: An advance to partnership by a partner with the assumption of its repayment by the partnership increases the capital account of the partnership. S2: Drawing account is debited for obligations of the partnership assumed by a partner a. both statements are true b. both statements are false c. only S1 is true d. only S1 is false.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2MC: Any assets invested by a particular partner in a partnership ________. A. do not become a...
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S1: An advance to partnership by a partner with the assumption of its repayment by the partnership increases the capital account of the partnership. S2: Drawing account is debited for obligations of the partnership assumed by a partner
a. both statements are true
b. both statements are false
c. only S1 is true
d. only S1 is false.
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