ACCTN202-25A (HAM) - Intermediate Financial Accounting
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If partners do not have a partnership deed:
Which of the following statements are not true?
I. According to the Partnership Act 1908, profit and loss sharing is determined by negotiation between partners
II. According to the Partnership Act 1908, partners are entitled to receive interests of 10% per annum on capital account balances of the partners
III. According to the Partnership Act 1908, partners are entitled to remuneration for their services to their partnership
IV. According to the Partnership Act 1908, admitting a new partner into a partnership does not require the unanimous consent of all partners of the partnership
The journal entries to account for salary of a partner are:
A debit balance in the realization account in a partnership dissolution:
. R, S and T share profit and losses in the ratio R=35%, S== 45% and T= 20%. The partners decided to dissolve their partnership. The capital balances of the partners before and after accounting for sale of partnership assets and settlement of creditors and dissolution cost are:
|
Before Dissolution
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After Dissolution
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R
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$40,000 credit balance
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$30,000 credit balance
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S
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$60,000 credit balance
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$50,000 credit balance
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T
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$20,000 credit balance
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$30,000 debit balance
|
T became insolvent and was able to settle the deficit balance in the capital accounts. In accordance with the Garner V Murray rule, the journal entries to settle the debit balance in T’s capital account are:
During a dissolution of a partnership, creditors of the partnership agreed to a settlement of $10,000. The creditors balance in the balance sheet prior to settlement was $15,000. The journal entries to record the discounts provided by the creditors are:
On 1st January 2022 the partners A, B and C agreed to dissolve their partnership. During the dissolution, the following assets of the partnership were taken over by the partners:
Partner A took over a vehicle with Book Value of $23,000 at an agreed value of $25,000
Partner B took over office equipment Book Value $5,000 at an agreed value of $3,000
Partner C took over furniture Book Value $7,000 at an agreed value of $6,000
The journal entries to record the assets taken over by the partners are:
In accordance with the Garner V Murray rule, the deficit in the capital account of a defaulting partner is transferred to the capital accounts of the remaining partners:
In accounting for dissolution of a partnership:
The journal entries to record $3,000 cost of dissolution of a partnership are:
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