In which order are partnership assets distributed to the partners? Capital balances, loans, profits O Loans, profits, capital balances O Profits, capital balances, loans O Loans, capital balances, profits
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- Which one of the following will be recorded under debit side of the partners' capital account? a. Partner's salary b. Partners' share of profit c. Interest on capital d. Interest on drawingsThe 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 account. The share of loss of partners will appear: A. On the debit side of the profit and loss appropriation accountB. On the credit side of the profit and loss appropriation accountC. On the credit side of the partners’ capital accountD. Neither credit side nor debit side of the profit and loss appropriation account
- 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 accountThe 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 firmrequired: A's share in partnership's profit B's share in partnership's profit Ending Capital Balance of A Ending Capital Balance of B
- The 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 accountis it true or false? Explain Unless stated otherwise,in the partnership contract,profits and losses are shared among the partners in the ratio of their capital equity balances.When a partner invests noncash assets in a partnership, the assets should be recorded at their: a) Book value. b) Market value c) Carrying value. d) Original cost.
- 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 amount invested by the partners more than their existing capital is called: a. Additional capital b. Interest on capital c. Interest on drawings d. DrawingsWhat valuation should be recorded for noncash assets transferred to a partnership by one of the partners?