Question 1 in partnerships the bonus for partner is allocation of income and not expenses Not yet answered Marked out of Select one: O True O False 1.50 Flag question Question 2 Not yet answered if X and Y agree to establish partnership with total capital 24,000 divided 2:1 respectively what is the amount of Y capital Marked out of Select one: a. 10,000 b. 16,000 1.00 P Flag question O c. 8,000 d. 12,000 Question 4 In partnership liquidation the first cash distribution should be made for Not yet answered Marked out of 1.00 Select one: O a. partner capital o b. Liquidation expenses O c. loan to partner P Flag question d. loan to bank Question 6 A partnership is an association of no more than two persons to carry on as co- owners of a business for profit. Not yet answered Marked out of Select one: True 1.50 P Flag question False Question 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 Not yet answered Marked out of 1.00 P Flag question Select one: O a. 16,000 O b. 24,000 C. 18,000 d. 12,000