1. The journal entry if Ahmad and Ali established a new partnership with $60,000 cash divided 4:1 respectively

Select one:

a. Debit: cash 60,000. Credit: Ahmad capital 48,000 and Ali capital 12,000

b. Debit: Ahmad capital 48,000 and Ali capital 12,000. Credit: cash 60,000

c. Debit: Ali capital 12,000 and cash 48,000. Credit: Ahmad Capital 60,000

d. Debit: cash60,000. Credit: Ali capital 48,000 and Ahmad capital 60,000

2. B and S formed a partnership. B contributed $8,000 cash and a used truck that originally cost $35,000 and had accumulated depreciation of $15,000. The trucks fair value was $16,000, S contributed a new Building costing $40,000 has a fair value off $55,000

What is the total capital that would recorded to S partner

Select one:

a. 24,000

b. 28,000

c. 43,000

d. 55,000

3. In the ABC partnership (to which Y seeks admittance), the capital balances of Albert 500,000, Bert300,000, and Connell 200,000, who share income in the ratio of 5:3:2 .

A. $400,000

B. $200,000

C. $300,000

D. $250,000

what amount of goodwill will be recorded if Y invests $450,000 for a one-third interest?

A. $0

B. $10,000

C. $50,000

D. $100,000

Select one:

a. 100000

b. 50000

c. 10000

d. 0

4. Preference shares may have priority over ordinary shares except in:

Select one:

a. dividends

b. voting.

c. cumulative dividend features.

d. assets in the event of liquidation