The accounting for partnerships differs from the accounting for sole proprietorship, corporations and cooperatives in regard to the accounting for ?

a. assets.

b. liabilities.

c. equity.

d. all of these

Which of the following statements is correct? *

a. An advantage of a partnership is that it is difficult to dissolve.

b. Partner A contributed cash of 100 and land with carrying amount of 500 and fair value of 700 to a partnership. If no bonus is given to any partner, Partner A's capital account should be credited for 600.

c. Partner C contributed inventory costing 500 but with a net realizable value of 400 to a partnership. The related accounts payable of 100 will be assumed by the partnership. The net credit to Partner C's capital account in the partnership books is 300.

d. A partnership business has a legal life of 50 years.

A and B agreed to form a partnership. The partnership agreement stipulates the following: (1) Initial capital of 300,000. (2) The ratio of 25:75 interest in the equity of the partnership. Partner A contributed 100,000 cash, while Partner B contributed 200,000 cash. Which partner should provide additional investment (or withdraw part of his investment) in order to bring the partners' capital credits equal to their respective interests in the equity of the partnership? *

a. A shall provide additional capital of 25,000.

b. B shall withdraw capital of 25,000.

c. B shall make an additional investment of 25,000.

d. No additional contribution or withdrawal shall be made.