When a new partner is admitted, this change in the ownership of a partnership results in a. consolidation of the partnership b. liquidation of the partnership c. realization of the partnership d. dissolves the old partnership
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____ 59. When a new partner is admitted, this change in the ownership of a partnership results in
a. |
consolidation of the partnership |
b. |
liquidation of the partnership |
c. |
realization of the partnership |
d. |
dissolves the old partnership |
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- When a partnership dissolves, the last step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partnersWhen a partnership dissolves, the first step in the dissolution process is to ________. A. allocate the gain or loss on sale based on income sharing ratio B. pay off liabilities C. sell noncash assets D. divide the remaining cash among the partnersWhich of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership.
- Which of the following instances does not dissolve the partnership? Group of answer choices Admission of Mr. X in the ANC Partnership. Insanity of a partner in the partnership. Assignment of partners’ interest to another partner. Investment of a new partner in the partnership.Which of the following is true about a partnership? The old partnership ends only upon the withdrawal of a partner. The old partnership ends upon the acceptance of a new partner. If a new partner is admitted to the partnership, the old partnership must liquidate. Partnerships have an unlimited life. Only one owner is allowed in a Partnership.Which of the following transactions or events does not affect the total assets of a partnership? A. A partnership is dissolved and its assets and liabilities are revalued to fair value. B. An old partner retires and his capital balance is settled by the partnership at a lower amount. C. An incoming partner purchases interest from an existing partner. D. A new partner is admitted in a partnership when he invested noncash asset to the partnership.
- It is a change in the partnership which is caused by a partner ceasing to be associated in the carrying of the partnership business a. Annulment b. Liquidation c. Divorce d. DissolutionWhich of the following transactions or events does not affect the total assets of a partnership? An old partner retires and his capital balance is settled by the partnership at a lower amount. A partnership is dissolved and its assets and liabilities are revalued to fair value. An incoming partner purchases interest from an existing partner. A new partner is admitted in a partnership when he invested noncash asset to the partnership.Which of the following statements regarding partnership is incorrect? a. Changes in the relationship of the partners may dissolve the partnership. b. The contributions of the partners to business are owned by the partnership. c. A partnership has a separate legal identity. d. A partnership is said to have an unlimited life because its legal life of 50 years can be renewed for an indefinite number of renewals.
- Answer the following questions: 1.What is dissolution of a partnership? During dissolution of partnership, is the partnership terminated? Art. 1828 and 1829 2. What causes dissolution Of a partnership? Art. 1830 3. After the dissolution of the partnership, how will the assets of the partnership be liquidated and accounted for? Alt. 1839A, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. There is no need to revise the partners’ equity. d. Partnership profit and loss ratio will change.Which of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership. Which of the following instances does not dissolve the partnership? Group of answer choices a. Admission of Mr. X in the ANC Partnership. b. Assignment of partners’ interest to another partner. c. Insanity of a partner in the partnership. d. Investment of a new partner in the partnership. When Jill retired from the partnership of Jill, Bill and Hill, the final settlement of her interest exceeded her capital balance. Under the bonus method, the excess Group of answer choices a. Had no effect on the capital balances of Bill and Hill. b. Was recorded as an expense. c. Reduced the capital balance of Bill and Hill. d. Was recorded as goodwill. I. The use of average…