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WorksheetsPARTNERSHIP LIQUIDATION
Total questions: 10
Worksheet time: 4mins
Which is false in applying the rules that must be observe in retirement of a partner.
Capital Balances of the retiring partner must be updated as of retirement date to be used as a basis for settlement
Revaluation of assets will affect the account of retiring partner
update for profit or loss share through estimation
closed the drawing account of the retiring partner against the capital account
If contributed capital of a new partner is greater than the new partner's agreed equity credit and the total contributed capital of all partners is equal to total agreed capital , there is
bonus to existing partners
bonus to new partner
asset revaluation
asset impairment
If contributed capital of a new partner is less than the new partner's agreed equity credit and the total contributed capital of all partners is equal to total agreed capital , there is
bonus to existing partner
bonus to new partner
asset revaluation
asset impairment
If total contributed capital of all partner is less than the total partner's agreed equity while the total contributed capital of new partner is equal to his agreed capital credit , there is
bonus to existing partner
bonus to new partner
asset revaluation
asset impairment
total contributed capital of all partner is more than the total partner's agreed equity while the total contributed capital of new partner is equal to his agreed capital credit , there is
bonus to existing partner
bonus to new partner
asset revaluation
asset impairment
Article 1826 of the New Civil Code defines dissolution as a change in the relation of a partners ceasing to be associated in carrying on the business
TRUE
FALSE
a mutual agreement among partners or decision to withdraw from partnership is an example of what type of causes of dissolution
acts of the partners
by operation of law
by judicial decree
none of the given aswer
if the dissolution contemplated upon was not provided for in the articles , the terms and condition for the dissolution should be ascertained from the remaining partners.
TRUE
FALSE
Admission of a new partner may take place by
purchasing an interest from one or more existing partners
Investing cash or other assets in the partnership
either purchasing interest of one or more existing partner or investing cash or other asset in the partnership
neither purchasing interest of one or more existing partner nor investing cash or other asset in the partnership
the following are example of changes in ownership which is not
buying interest from current partner
investing directly to the partnership
partner abscond
all of the given answer
