Which of the following statements is correct with regard to drawing accounts that may be used by a partnership? Show Group of answer choices A. Drawing accounts establish the amount that may be taken from partnership by a partner in a given time period B. Drawing accounts are closed to the partners’ capital accounts at the end of the accounting period C. Drawing accounts appear on the balance sheet as a contra-equity account D. Drawing accounts are similar to Retained Earnings in a corporation.  Q: Which of the following procedures is not necessary steps affecting a dissolution of partnership?… A: Hi student Since there are multiple questions, we will answer only first question. Q: The process of winding up business operations which includes realization and payment of claims… A: Plese note that as per bartleby honor code we are supposed to answer the first 4 sub queston only.… Q: How does partnership accounting differ from corporate accounting? Multiple Choice Revenues are… A: Partnership accounting is different from corporate accounting in following way: Q: On Dissolution of a partnership firm, the claims of the partners on their capital will be listed for… A: Answer Q: Write the word or group of words that identify each of the following statements. 1. A… A: Given below is the description of statements: Q: oncerning a partnership's Form 1065, llowing statements is not true? - The partnership balance sheet… A: Answer: All taxable/deductible partnership income and expense items are reported on Form 1065,… Q: In partnership liquidation the first cash distribution to the partner should be made in accordance… A: Partnership is an agreement in which two or more than two persons invest capital, run business and… Q: Which of the following will decrease the capital balance of a partner? A. Share in partnership… A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and… Q: In the liquidation of general partnership, which of the following claims shall be settled first by… A: Partnership is an association between two or more than two partners. Liquidation of partnership… Q: n of a limited liability partnership, a loan payable to a partner by the partnership is: a.… A: Liquidation of a limited liability partnership means dissolution or discontinuance of partnership… Q: Which of the following statements is correct? Options: Each partner has the authority to enter… A: The partnership is the business form that is owned ad controlled by two or more partners. When the… Q: Enter problem statement, appropriate input type, and other instructions here. Elyn is the general… A: Click to see the answer Q: 1. In the liquidation of general partnership, which of the following claims shall be settled first… A: Partnership Liquidation - It is the process of closing the partnership and distribution of assets… Q: The withdrawal of capital by a partner from the business of partnership will be: a. Debited to… A: Given are the capital and current balances Q: In a partnership liquidation, a gain from sale of assets is credited to the A. partner with the… A: In liquidation, the assets are realized for paying the amount of liability, claim and the capital… Q: In the absence of Partnership deed, specify the rules relating to the following :(i) Sharing of… A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed… Q: cash payments to partners of a partnership in liquidation are delayed until all noncash assets have… A: SOLUTION-1 FIVE BASIC STEPS BELOW ARE INCLUDED WITHIN ALL OF THE PROCEDURES - 1-AN INSOLVENCY… Q: The admission of a new partner effected through purchase of interest in the partnership is… A: The admission of a new partner effected through purchase of interest in the partnership is recorded… Q: Which of the following accounts could be found in the general ledger of a partnership?… A: Partnership- It refers to the mutual assent between more than one persons who have accepted to… Q: In a partnership liquidation, the final cash distribution to the partners should be made in… A: Partnership is defined as the arrangement where the parties who agreed for cooperating in advance… Q: Which of the following statements is generally correct? I. A limited partner in a limited… A: Partnership means where two or more person comes together to do some common business activity and… Q: Which of the following is the reason to not revalue partnership assets at the date a new partner is… A: Revaluation of assets and liabilities are required at the time change in profit sharing ratio or… Q: Write the word or group of words that identify each of the following statements.… A: Given below is the required words: Q: Under what circumstances can the closing of the income summary account result in a debit to one… A: Solution: The closing of the income summary account result in a debit to one partners’ capital… Q: Which of the following transactions shall not affect the capital balance of a partner? Share of a… A: Partnership can be defined as a form of business organization under which two or more entities come… Q: Which of the following is not a part of the winding up process? Group of answer choices Discharge… A: The correct answer is the third option that is, closing the partnership's business as it is not a… Q: summarizes the financial aspects of the partnership agreement and the equityrequirements of the… A: Partnership Act: When the two or more people run the business for a long time for the future profits… Q: Which of the following is the reason to not revalue partnership assets at the date a new partner is… A: In a partnership, two or more parties agree to operate and manage a business and share the profits… Q: Which of the following is true in relation to a partnership? a. A partnership is a separate legal… A: Partnership means where two or more person comes together to do some common business activity and… Q: Write the word or group of words that identify each of the following statements. 1.The word added… A: 1) A Limited Partnership is a partnership that exists when 2 or more partners go into the business… Q: Which one of the following is a content of a partnership deed? a. Customers' list b. Names and… A: Introduction: Partnership: Its an agreement between two or more partners for forming a business and… Q: no need to explain. What is a cash priority program? a. A guideline for the cash distributions made… A: At the time of liquidation of partnership business, there are some procedural steps that need to be… Q: What is plurality with reference to partnership accounting? 2. Why is salary allowance to partners… A: SOLUTION-1 PLURALITY OF CAPITAL AND DRAWING ACCOUNTS - 1-ACCOUNTING FOR PARTNERSHIP DIFFERS FROM… Q: Write the word or group of words that identify each of the following statements.… A: Since you have posted a question with multiple sub-parts, we will solve first three sub-parts for… Q: Write the word or group of words that identify each of the following statements. 1. A… A: Partnership: This is the form of business entity which is formed by an agreement, owned and managed… Q: The accounting treatment of capital invested in partnership business will be? a. Debited to cash… A: Cash is increased. Partners capital is increased. Q: i) The registrar may refuse to register the firm under certain conditions. State the circumstances.… A: (Note: Since we only answer up to 3 sub-parts, we’ll answer the first 3. Please resubmit the… Q: Answer if TRUE or FALSE. If the statement is FALSE provide at least a brief explanation why it's… A: Partnership agreement: It is an agreement where business practices for the partners of a company… Q: After C’s admission, the partners agreed to adjust their capital balances to reflect their’… A: Click to see the answer Q: What is a predistribution plan? A list of the procedures to be performed during a liquidation. A… A: Predistribution Plan is a guide for the cash distributions to partners during a liquidation. Q: Required: With reference to the facts above: A.Calculate the net income of the partnership.… A: Introduction: Partnership: Partnership can be defined as the legal agreement between two or more… Which of the following statements is true for a partnership?Detailed Solution. Any firm which earns normal profit has no goodwill is true in the case of Partnership.
Which of the following statements is true about a partner in a general partnership?C. Correct. In general, partners in a partnership would be responsible for the firm's liability by their personal assets as well. This feature of a partnership is similar to a sole proprietorship.
Which statement is correct in case of partnership organization?The correct statement is there is principal - agency relationship among the partners.
Which of the following is correct regarding the management of a general partnership?Answer and Explanation: The correct answer is B. Each partner has unlimited liability for the partnership debts. The debts must be paid by the partnership, and the partners are personally liable for debts.
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With regard to a partnership business which of the following statement is correct
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