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Which method of recording the admission of a new partner

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Reference no: EM132786867

Problem 1: Which of the following would be a cause of a capital deficiency to a partner

a. A partner has borrowed money from the partnership

b. A partner has lent money to the partnership

c. The partnership has incurred a gain for the year

d. Partnership assets are liquidated for more than book value

Problem 2: Which method of recording the admission of a new partner will result in the change of existing partners' capital?

a. Bonus method

b. Goodwill method

c. Either bonus method or goodwill/revaluation method

d. Existing partners' capital account never change when a new partner is admitted into a partnership.

Problem 3: Which of the following is true of ownership changes in a partnership?

a. Admitting a new partner does not change the core structure of the old partnership.

b. The purchase of an existing partner's interest is a transaction between the new partner and the partnership firm.

c. Any time the partner mix changes, the old partnership ceases to exist and a new partnership begins.

d. A person can become a partner by purchasing an existing partner's interest, even without the approval of the other partners

Reference no: EM132786867

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