If a new partner were to purchase 99 of an existing partners share of a business which account would be debited a Existing Partners Drawing b New Partners Drawing c Existing Partners Capital d New Partners Capital It may be argued that the difculties associated with the measurement of the fair value of existing assets unjustiably forces a Partners liability to increase b Partners capital to decrease c Recognition of expense d Recognition of Goodwill In the Goodwill method of recognizing the admission of a new partner which of the following is likely to happen a book value is not recognized b fair market value is not recognized c Book value would be used to recognize the new partners assets d The new partnership is recognized at fair market value Although the admission of new partner does not result in the dissolution and winding up of the previous partnership, the goodwill method views the admission of a new partner as an opportunity to revalue net assets as though a new entity had been create a Increase the Goodwill account b Increase the cash account c Decrease Expense of the new partnership d revalue net assets Recording a write down from an original partners capital of book value to its implied fair market value would involve a debit to which account a Cash b Revenue c Expense d Capital Partners Y Z each had $75,000 of capital on December 31 The partnership agreement calls for a profit and loss distribution of 10 on invested capital at the beginning of the year Assuming a net income of $100,000 what would the distribution be for both partners a Undetermined b $7,500 c $15,000 d Y would receive $7500 and Z would receive $15,000 Assume the articles of partnership state that partnership prots and losses should be divided between Partners F and G in the ratio of 70 30 Partnership income of $100,000 would be divided as follows a F would receive $70,000 b G would receive $70,000 c F G each would receive $50,000 d F would receive $30,000 RUPA deals with such topics as a the rights of partners b Capital distribution, c partnership lending d Partnership drawing A partners liability adopted by the partnership should be recorded at which value a Book b Fair market c Labor d Asset would you please check my answers

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If a new partner were to purchase 99% of an existing partners share of a business which account would be debited: a. Existing Partners Drawing

If a new partner were to purchase 99% of an existing partners share of a business which account would be debited:

	a.	Existing Partners Drawing
	b.	New Partners Drawing
	c.	*Existing Partners Capital*
	d.	New Partners Capital

It may be argued that the difculties associated with the measurement of the fair value of existing assets unjustiably forces:

	a.	Partners liability to increase
	b.	Partners capital to decrease
	c.	Recognition of expense
	d.	*Recognition of Goodwill*

In the Goodwill method of recognizing the admission of a new partner which of the following is likely to happen:

	a.	book value is not recognized
	b.	fair market value is not recognized
	c.	Book value would be used to recognize the new partners assets
	d.	*The new partnership is recognized at fair market value*

Although the admission of new partner does not result in the dissolution and winding up of the previous partnership, the goodwill method views the admission of a new partner as an opportunity to: revalue net assets as though a new entity had been create

	a.	Increase the Goodwill account
	b.	Increase the cash account
	c.	Decrease Expense of the new partnership
	d.	*revalue net assets*

Recording a write down from an original partners capital of book value to its implied fair market value would involve a debit to which account:

	a.	Cash
	b.	Revenue
	c.	Expense
	d.	*Capital*

Partners Y & Z each had $75,000 of capital on December 31. The partnership agreement calls for a profit and loss distribution of 10% on invested capital at the beginning of the year. Assuming a net income of $100,000 what would the distribution be for both partners?

	a.	*Undetermined*
	b.	$7,500
	c.	$15,000
	d.	Y would receive $7500 and Z would receive $15,000

Assume the articles of partnership state that partnership prots and losses should be divided between Partners F and G in the ratio of 70:30. Partnership income of $100,000 would be divided as follows: