1. if X and Y agree to establish new partnership with capital 50,000 divide equally , X partner transfer his own car with market value 14,000 what are the cash amount should be paid by Y Partner

Select one: a. 11,000 b. 13,000 c. 25,000 d. 36,000

2. The distribution of cash to partners in a partnership liquidation is always made based on the partners' income sharing ratio

Select one: True False