3. The partners' drawing accounts are closed each period into the Income Summary account.

Select one:

True

False

4. Debit side of journal entry for sale of equipment is equipment account

Select one:

True

False

5. if Y partner purchased 100% of X Partner capital from his own money the credit side in journal entry will be

Select one:

a. X Partner capital

b. Cash

c. Y Partner capital

d. partnerships capital

6.In simple liquidation cash should be distributed to partners if all gains and losses are not realized

Select one:

True

False

7.if X AND Y are two partner, the income ratio are 1:2 respectively if net income for 2019 was 36,000 what are the share of Y partner from net income

Select one:

a. 18,000

b. 16,000

c. 24,000

d. 12,000

8. if X and Y agree to establish partnership with total capital 24,000 divided 4:2 respectively what is the amount of X capital

Select one:

a. 8,000

b. 16,000

c. 6,000

d. 12,000

9. Noor, Tala and Sara are three partners on 31/12/2019 the capital balances are 10,000, 15,000 and 20,000 respectively on the same date Tala decide to withdraws from partnership, the company paid her $ 18,000 the debit side of journal entry is:

Select one:

a. Tala capital 18,000

b. Tala capital 15,000

c. cash 18,000

d. cash 20,000