
FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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State the method to determine the amounts to be paid to partners in a liquidation.
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- All of the following situations will arise to actual disposition except ______________. Question 1 options: a) Purchase of debt or shares b) Sale of asset or property c) Redemption of shares d) Cancellation of debt securitiesarrow_forwardHow does a newly formed partnership handle the contribution of previously depreciated assets?arrow_forward21. The purpose of preparation of Profit and loss appropriation account is: a. To know the balance of goodwill of each partner b. To know the share of profit or loss of each partner c. To know the balance of capital of each partner d. To know the balance of drawings of each partnerarrow_forward
- Accounting type Question: As per the decision in the Garner vs Murray case, when the partner's capital accounts are fixed, any loss arising due to the capital deficiency in the insolvent partner's capital account is to be borne by solvent partners in the ratio of ..... A. profit sharing ratio B. last agreed capital ratio C. sacrificing ratio D. gaining ratioarrow_forwardWhat are the unique financial reporting implications of the Partnership entity in comparison with the Proprietorship and Corporate structures? How does the closing process differ for the Partnership?arrow_forwardIn admitting new partners, assets contributed by partners are recorded at their replacement value. Why is that?arrow_forward
- List the general rules when a liquidates and distributes property to its shareholders.arrow_forwardThe sale and distribution of the assets of a business on its termination is Group of answer choices a takeover. a breach of fiduciary duty. liquidation. dissolution.arrow_forwardWhich of the following would not be included in the corpus or principal of an estate? a. accrued interest and declared dividends on investments held by decedent b. personal valuables c. life insurance proceeds where designated beneficiary is the estate d. all of the above are includedarrow_forward
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