Compute which will hold true in case a partner share in loss

Assignment Help Cost Accounting
Reference no: EM132775355

Problem 1: The rule of offset states that "before the partners receive any cash distribution..."

(a) Loans from partners should be offset against their debit capital balances

(b) Receivables from partners should be offset against their debit capital balances

(c) Loans to partners should be offset against their debit capital balances

(d) Loans from partners should be offset against their credit capital balances

(e) None of the above

Problem 2: Which will hold true in case a partner's share in loss on realization exceeds the partner's capital balance?

(a) right of offset will be applied for any "loan to partner " balance

(b) the partner is required to make additional investment, if the partner is solvent and is not a general partner

(c) loss absorption will be applied to the other partners' capital accounts if the deficient partner is a limited partner even if he is still personally solvent

(d) None of the above

Reference no: EM132775355

Questions Cloud

Find what will be the net mutual interest spread earned : If the bank is able to continually renew the CD over the next 5 years, what will be the net mutual interest spread earned by the bank across the CD
Compute what is the accounting rate of return : Incremental expenses, including depreciation, are $52,000. There is no salvage value. What is the accounting rate of return (ARR)?
Which significantly higher for the on-line bookstore : A retail bookstore chain and an on-line bookstore. Which of the following activity ratios is most likely significantly higher for the on-line bookstore?
Find how much cash should quito receive : Convert the noncash assets into cash. After paying the liabilities amounting to P60,000, they have P222,000 to divide. How much cash should Quito receive?
Compute which will hold true in case a partner share in loss : Compute Which will hold true in case a partner's share in loss on realization exceeds the partner's capital balance? right of offset will be applied for any
Which the partner personal assets should be distributed : Which the partner personal assets should be distributed, When a partner is personally insolvent and has debit capital balance in the partnership?
Compute which not true about doctrine of marshaling assets : Compute which is not true about Doctrine of Marshaling Assets? Partnership creditors, other than partners, have priority claims over partnership assets
What is total product cost per unit of x under traditional : Design hours is 3,000 and 5,000 for X and Y, respectively. What is the total product cost per unit of X under Traditional costing?
Which not an expert upon whose an auditor may rely : Which of the following is not an expert upon whose an auditor may rely when auditing accounting estimates and fair value measurements?

Reviews

Write a Review

Cost Accounting Questions & Answers

  What will be the cost per unit for each type of pillow

What will be the cost per unit for each type of pillow under traditional costing? Describe quantitative and qualitative approaches/ informations.

  How would you describe sunset boards cash flows for 2014

This question is from Essentials of Corporate Finance 8th Edtion. Please don't copy & paste answers that have previously been posted for the 7th edition as the figures have changed.

  Production and purchases budgets

Production and purchases budgets

  How the definition applies to a fraud investigation

Define a forensic audit and explain how the definition applies to a fraud investigation - compare the responsibilities of the auditor in respect of fraud when conducting a statutory audit and when conducting a forensic investigation

  How to calculate the total due

Calculate the total due, assuming payment is made on August 29, 2007. Calculate the total due, assuming payment is made on August 10, 2007.

  Calculate the present value of the depreciation tax shield

Trenton Fabrication Company purchased industrial tools costing $130,000, which fall in the 3-year property class under MACRS.

  How much is the total overhead spending variance

Actual variable overhead incurred is P50,000 based on actual direct labor hours of 1,000. How much is the total overhead spending variance?

  What amount of personnel costs allocated to Department A

If the number of employees is considered the cost driver, what amount of personnel costs will be allocated to Department A

  What is the margin of safety for a profit

Sales volume if in the next period, the company suffered a loss of $30,000. What is the margin of safety for a profit of $90,000?

  What are the owners projected payments over the five-year

What are the owners projected payments over the five-year term for the two alternatives and which option is the owner likely to prefer and why?

  What adjusting entry is necessary on 2010 december

Prepaid Rent was debited. If financial statements are prepared only on December 31 of each year, what adjusting entry is necessary on 2010 December 31, to bring the accounts involved to their proper balances?

  Compute the ending balances in accounts receivable

It wrote off as uncollectible accounts receivable of $7,300. Determine the ending balances in Accounts Receivable and Allowance for Doubtful Accounts.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd