24 25 Il partarship net income for 2011 is $100.000 satis Olshare! S(18.000 1. $33333 CS25.000 d35.000 If the partnership agreement is silent on the distribution of parenhip profits and loss how Whould they be distributed under the Uniform Partnership Act! profits and low we distributed equally to all the profits and loses ested in the initial capital profits distributed equally loves in the incitati profits and we are diverted equally to all parts on capital balanwes has been allowed When Arth and Bob form the AB partnership Arthur Cold and new gal.com S75.000, a book value of 50.000 und farm 100.000 The building is subject to a 10.000 bich the will. What Arthur's initial capital balance a $50.000 $60,000 c575.000 dS100 000 26 27 An, Betty, and Clarissa have capital haces of 512.000 50.00 50.000 They profits and lowes in the mi :32. Dame purchases 20 percent in their Compute the partners' capital balance shee's Diane contributes us with a fair market value of $10.000 (M) Ann Betty Clarissa Diane a $10,000 $29.00 $13.460 S13200 b312.000 $30,000 $14.000 $10,000 $12.000 $30,000 $14.000 $13.200 SIX600 $30,960 $14.640 S12.200 28 In partnership liquidation the realization los result in a debitance in one pune's capital account of this partner fails to contribute person to me up this bom should the debit balance behandled by the panne It should be written off against partnership posts like any other bad det b. It should be allocated to all the partners in their proud to change c. It should be allocated to the remaining part in the remaining profil sharing to d. It should be set up as a receivable and turned over to a collection gency When assets other than cash are contribated to a partnership, they should be recorded on the partnership books a book value bfair market value original value dtax basis 29 24 25 Il partarship net income for 2011 is $100.000 satis Olshare! S(18.000 1. $33333 CS25.000 d35.000 If the partnership agreement is silent on the distribution of parenhip profits and loss how Whould they be distributed under the Uniform Partnership Act! profits and low we distributed equally to all the profits and loses ested in the initial capital profits distributed equally loves in the incitati profits and we are diverted equally to all parts on capital balanwes has been allowed When Arth and Bob form the AB partnership Arthur Cold and new gal.com S75.000, a book value of 50.000 und farm 100.000 The building is subject to a 10.000 bich the will. What Arthur's initial capital balance a $50.000 $60,000 c575.000 dS100 000 26 27 An, Betty, and Clarissa have capital haces of 512.000 50.00 50.000 They profits and lowes in the mi :32. Dame purchases 20 percent in their Compute the partners' capital balance shee's Diane contributes us with a fair market value of $10.000 (M) Ann Betty Clarissa Diane a $10,000 $29.00 $13.460 S13200 b312.000 $30,000 $14.000 $10,000 $12.000 $30,000 $14.000 $13.200 SIX600 $30,960 $14.640 S12.200 28 In partnership liquidation the realization los result in a debitance in one pune's capital account of this partner fails to contribute person to me up this bom should the debit balance behandled by the panne It should be written off against partnership posts like any other bad det b. It should be allocated to all the partners in their proud to change c. It should be allocated to the remaining part in the remaining profil sharing to d. It should be set up as a receivable and turned over to a collection gency When assets other than cash are contribated to a partnership, they should be recorded on the partnership books a book value bfair market value original value dtax basis 29