10. Suppose X, and Y are two partner has 20,000 capital balance each sharing profit and loss equally agree to admit C as new partner for 40% interest in capital and profit with investment 24000$. calculate how much the new partner should pay according to the Good will approach 2667

Select one:

True

False

11. If a new partner is admitted into a partnership by investment, the total assets and total capital will not change.

Select one:

True

False

12. If a new partner is admitted into a partnership by investment, the total assets and total capital will change.

Select one:

True

False

13. the credit side of journal entry when new partner entering the partnership is cash or assets transfers

Select one:

True

False

14. interest on capital for partner is closed with income summary as expenses in the end of the year

Select one:

True

False

15.The liquidation of a partnership means that a new partner has been admitted to the partnership.

Select one:

True

False

16.in the year ended the partner withdrawal closed in

Select one:

a. expenses

b. partner loan

c. parter capital

d. income statement