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What amount should the partnership record each of asset

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Reference no: EM133000993

Problem 1: When is the partner's capital account debited?

a. Original investment

b. Closing drawing account at the end of the period

c. Receiving share in the net income

d. Additional Investment

Problem 2: The primary reason why an Article of Partnership should not be kept secret among the partners is the principle of

a. Mutual Trust and Fidelity

b. Voluntary Agreement

c. Mutual Agency

d. Lawful Agreement

Problem 3: Basyang and Enteng formed a partnership, each contributing assets to the business. Basyang contributed merchandise inventory with a current market value in excess of its cost. Enteng contributed building with a cost in excess of its current market value. At what amount should the partnership record each of the following assets?

a. Inventory @ cost, Building @ cost

b. Inventory @ MV, Building @ cost

c. Inventory @ cost, Building @ MV

d. Inventory @ MV, Building @ MV

Reference no: EM133000993

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