Accounting standards relevant to private not-for-profit entities include all of the following except:

Question 21 options:

a)

FASB 101

b)

FASB 93

c)

FASB 117

d)

FASB 116

Question 22(4 points)

Lydia, Doby, and Lola are in a partnership together and each have capital balances of $250,000. A new partner, John, pays Doby $200,000 directly for 100% of his interest in the new partnership, replacing him in the partnership. The journal entry on the books of the partnership to account for this transaction would be:

Question 22 options:

a)

Debit Capital-Doby $200,000, Debit Cash $50,000; Credit Capital-John $250,000

b)

Debit Cash $250,000; Credit Capital-John $250,000

c)

Debit Capital-Doby $250,000; Credit Capital-John $250,000

d)

No entry is made on the partnership's books as the transaction was made directly between Doby and John