Reference no: EM132795272
Problem 1: Which of the following is not included in the partnership agreement ?
a. Basis for splitting partnership income taxes
b. Provision for withdrawal of assets
c. Names and capitals contribution of partners
d. Right and duties of partners as well as the basis of sharing net income and loss
Problem 2: Peter and steve admith Meredith to their partnership, with meredith paying 3,500,000 more than the book value of her equity in the new business. Peter and steve have no formal profit-and-loss agreement. What affect does admitting meredith to the partnership have on the capital balances of peter and steve.
a. Debit the peter and steve capital accounts for 1,750,000 each
b. Credit the peter and steve capital accounts for 3,500,000 each
c. Credit the peter and steve capital accounts for 1,750,000 each
d. It cannot be determined because there's no profit-and-loss ratio
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