partnership & corpo

Composed of capitalist and industrial partners

• Universal partnership

• General partnership

• Limited partnership

• None of the above

Partnership is a form of business

• True

• False

Tick the situations in which a partnership firm comes to an end

• Retirement

• Death

• Insolvency

• Fulfillment of the object

Which of the followings are the usual clause of Partnership Agreement

• Firm's name

• Place of business

• Nature of partnership business

• Partner's list of personal property

Formal disbanding of partnership - _________________________.

 

Mima and Mimi are about to liquidate their partnership. They each have 350,000 capital balances and share profits and losses in a 1:3 ratio. The partnership has 200,000 cash, 700,000 noncash assets and 200,000 payable. Assuming that noncash asset are sold for 720,000, How much is paid to Mimi?

• 350,000

• 300,000

• 335,000

• 365,000

A proportional distribution by a corporation of its own share that affects only the shareholders' equity section of the statement of financial position.

• Cash dividend

• Share dividend

• Liquidating dividend

• Property dividend

Go, Yan and Do are partners sharing in a 2:2:4 profit and loss ratio. Go and Yan is entitled to 50,000 annual salary, Go 5% bonus on profit after salaries but before bonus and interest and each partner shall receive a 10% interest on their average capital balances, 200,000, 150,000 and 400,000 respectively. The partnership incurred 100,000 loss. How much is the share of the partners?

• 1,250; -3750; -97500

• -25,000; -25000; -50,000

• -3750; 1250; -97500

• -20,000; -20,000; -60,000

When the balance sheet is prepared after the new partnership agreement, the assets and liabilities are recorded at

• Historical cost

• Current cost

• Revalued figures

Partners Glaica, Gerald and Jane share profits and losses of 20:40:40. Their capital balances are fairly stated with 200,000, 250,000 and 350,000 respectively. Gerald sold his shares to Glaica for 310,000. What is the total capital of the partnership after Gerald's withdrawal?

• 450,000

• 850,000

• 800,000

• 750,000