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Explain when the amount credited to a partner is greater

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Reference no: EM132928015

Problem 1: Under the generally accepted accounting principles in the Philippines, what is the acceptable reason when the amount credited to a partner is greater than the amount actually contributed by such partner during partnership formation?

Option 1: Recognition of goodwill by virtue of special skills or reputation of said partner.
Option 2: Recognition of impairment loss on the property contributed by said partner.
Option 3: When there is bonus given by said partner to the other partners
Option 4: Receipt or transfer of capital from other partner by virtue of partner's agreement resulting to bonus to the said partner.

Reference no: EM132928015

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