Podcast
Questions and Answers
After the admission of Mouse, what would be the capital balance of Dog assuming Mouse paid P250,000 for 50% of his interest?
After the admission of Mouse, what would be the capital balance of Dog assuming Mouse paid P250,000 for 50% of his interest?
- P500,000
- P525,000
- P450,000 (correct)
- P375,000
In scenario 2, if Mouse invested P250,000 for a one-fourth interest in the partnership, what will be the total capital balances after Mouse's admission?
In scenario 2, if Mouse invested P250,000 for a one-fourth interest in the partnership, what will be the total capital balances after Mouse's admission?
- P950,000
- P1,000,000
- P800,000 (correct)
- P1,050,000
Assuming Mouse invested P250,000 for a 30% interest in the partnership, what will be Cat's capital balance after the admission?
Assuming Mouse invested P250,000 for a 30% interest in the partnership, what will be Cat's capital balance after the admission?
- P425,000
- P550,000
- P475,000 (correct)
- P350,000
If Mouse invested P250,000 for a 20% interest in the partnership, what would be the new profit and loss sharing ratio?
If Mouse invested P250,000 for a 20% interest in the partnership, what would be the new profit and loss sharing ratio?
What would be Greg's capital balance after retiring from the partnership?
What would be Greg's capital balance after retiring from the partnership?
In scenario 1 with Mouse paying P250,000 for 50% of Dog's interest, how much is Mouse's capital balance after admission?
In scenario 1 with Mouse paying P250,000 for 50% of Dog's interest, how much is Mouse's capital balance after admission?
What are the two ways a new partner can be admitted into a partnership?
What are the two ways a new partner can be admitted into a partnership?
When admitting a partner by purchase of interest, who determines the price paid for the interest?
When admitting a partner by purchase of interest, who determines the price paid for the interest?
What happens to any money or consideration exchanged in the admission of a partner by purchase?
What happens to any money or consideration exchanged in the admission of a partner by purchase?
In the given transaction where Carson agrees to pay Ames and Barker for part of their interest, how much capital balance does each partner have after Carson's admission?
In the given transaction where Carson agrees to pay Ames and Barker for part of their interest, how much capital balance does each partner have after Carson's admission?
What changes when a partner is admitted by investment?
What changes when a partner is admitted by investment?
Who gives up part of their capital equity when a new partner is admitted through purchase?
Who gives up part of their capital equity when a new partner is admitted through purchase?
What is the total amount that Morz and Nead agree to pay Odom for her interest?
What is the total amount that Morz and Nead agree to pay Odom for her interest?
What happens to total assets and total partnership capital when using partnership assets to pay for a withdrawing partner's interest?
What happens to total assets and total partnership capital when using partnership assets to pay for a withdrawing partner's interest?
What does a bonus to a withdrawing/retiring partner indicate?
What does a bonus to a withdrawing/retiring partner indicate?
What is the basis for deducting the bonus from the remaining partners' capital balances?
What is the basis for deducting the bonus from the remaining partners' capital balances?
What happens to the remaining partners' capital balances when a bonus is paid to a withdrawing/retiring partner?
What happens to the remaining partners' capital balances when a bonus is paid to a withdrawing/retiring partner?
What could cause a bonus to be paid to a withdrawing/retiring partner?
What could cause a bonus to be paid to a withdrawing/retiring partner?
What happens to the partnership when a partner dies?
What happens to the partnership when a partner dies?
How is the deceased partner’s equity determined at the date of death?
How is the deceased partner’s equity determined at the date of death?
How do the surviving partners settle with the deceased partner's estate?
How do the surviving partners settle with the deceased partner's estate?
What happens when a partnership is converted into a corporation?
What happens when a partnership is converted into a corporation?
How are the shares of stocks distributed when a partnership is converted into a corporation?
How are the shares of stocks distributed when a partnership is converted into a corporation?
What is the purpose of closing the books and preparing financial statements when a partner dies?
What is the purpose of closing the books and preparing financial statements when a partner dies?
What is the difference between purchasing an interest and admission by investment in a partnership?
What is the difference between purchasing an interest and admission by investment in a partnership?
What happens when the new partner's investment is greater than the capital credit on the date of admittance?
What happens when the new partner's investment is greater than the capital credit on the date of admittance?
What is the effect of Carson's investment in the Ames-Barker partnership?
What is the effect of Carson's investment in the Ames-Barker partnership?
What happens to the difference when the new partner's investment differs from the capital equity acquired?
What happens to the difference when the new partner's investment differs from the capital equity acquired?
What is the significance of Carson investing P30,000 in cash in the Ames-Barker partnership for a 1/3 capital interest?
What is the significance of Carson investing P30,000 in cash in the Ames-Barker partnership for a 1/3 capital interest?
What is the effect of a bonus to old partners on the partnership?
What is the effect of a bonus to old partners on the partnership?
Flashcards are hidden until you start studying
