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- In case of admission of a partner, the first adjustment that need to be prepared is?? A. Bank account B. Profit and loss account adjustment C. The revaluation of assets D. Realization of income or loss S1: In a partnership, at least one partner is required to be a/an limited partner in order to ensure partnership creditors will be paid and protected S2: Unpaid liabilities should be included in computing for the total loss attributed to the partners. * A. Both statements are true B. s1 True; S2 False C. S2 True; S1 False D. Both statements are false S1: Joint Control is present if tow ore more parties have greater than 50% Control.S2: One Party has more than 50% in a joint arrangement * A. Both statements are false B. Both statements are true C. S2 True; S1 False D. s1 True; S2 False S1: If the total contributed capital of THE partnership is greater than the total agreed capital, it is possible that a goodwill be recognized or an undervaluation of asset occurred.S2: Noncash…Which of the following is not a withdrawal that may be found in a partnership’s drawing account? Group of answer choices Removal of cash by a partner Payment of a partners’ speeding ticket by the partnership All of the choices may be found in a drawing account Removal of inventory by a partnerAssess the truth of this statement: One of the rules of debits and credits and account balances for a partnership is that assets increase as debits. Group of answer choices This statement is true. This statement is false. There is not enough information to determine whether or not this statement is true. This statement is not applicable to accounting concepts.
- From a partner's viewpoint, which of the following will have an unfavourable effect on the closing balance of the current account of a partner? Opening debit balance in the current account Interest on drawings Salaries iv) Drawings A.D, 0), 1) and iv) OB.1), ) and iv) OC.) and iv) only D. 1), 1) and iv) mod/aua/sunumary phplattempte 5116948emidoClosing entries of a partnership include entries to a. record distribution of cash to the partner b. eliminate the capital accounts and record distribution of asset to partners to effect the partnership termination and liquidation c. close income and expense accounts to the income summary account; and close the profit or loss to the drawing accounts d. close the profit or losses and dividends declared accounts to retained earningsMar From a partner's viewpoint, which of the following will have an unfavourable effect PF on the closing balance of the current account of a partner? Opening debit balance in the current account i) Interest on drawings i) Salaries iv) Drawings O A. I), ii), i) and iv) O B. i), ii) and iv) OC. i) and iv) only O D. i), ii) and iv)
- When preparing a Balance Sheet for a partnership, Total Assets must equal what? Group of answer choices Partners' equity Total liabilties Total Liabilities and Partners' equity This is not applicable since a Balance Sheet is not a financial statement needed by a partnership.Which one of the following statement is correct on preparation of partnership final accounts? a. Net profit from income statement will be transferred to partners'capital account b. Accounting principles are different from sole proprietorship business c. Preparation of income statement is not same as sole proprietorship business d. Adjustments will have dual effects in the income statement and statement of financial positionQUESTION NO. 1: Having the clear understanding of company’s accounts and partnership accounts you are required to answer the following questions. What is partnership accounts give example and what are the necessary components of partnership accounts that a company should consider when preparing partnership accounts and why? How can you differentiate the company’s accounts from partnership accounts and on what grounds?explain with the help of example. (important instructions: content should be original with 0% plagirisim, answer should be in details with proper explanation and examples)
- The partner's drawing account is used: O To reduce the partner's capital account balances at the end of an accounting period O To record the partner's share of net income or loss for an accounting period O In the same manner as the partner's loan accounts O To record the partner's salaries.A partner's withdrawal of assets from a LLP that is considered a permanent reduction in that partner's equity is debited to the partner's: Select one :- a. Retained Earnings account b. Loan Receivable account c. Drawing account d. Capital accountWhich one of the following statement is not correct on preparation of partnership final accounts? a. Adjustments will be recorded have dual effects in the income statement and statement of financial position b. Preparation of income statement is same as sole proprietorship business c. Net profit from income statement will be transferred to partners' capital account d. Accounting principles are same as sole proprietorship business