Book 9
Book 9
c 3. Which of the following statements is correct when a new partner is admitted to an existing partnership by
purchasing a portion of a capital interest of an existing partner?
a It will result to revaluation or impairment of existing assets of the partnership
b The partnership will recognize gain or loss in the transfer of capital from one partner to another
c The partnership is not dissolved by the admission of a new partner by purchase
d It will just result to credit to capital of newly admitted partner with corresponding debit to capital
of the selling partner
a 4. in case of admission of a new partner in an existing partnership through investment to the partnership,
which of the following scenario will result to bonus to new partner and asset revaluation?
a The total contributed capital of all partners is equal to the total agreed capital of new partnership
while the agreed capital of new partner is higher than the amount he has contributed
b The total contributed capital of all partners is more than the total agreed capital of new partnership
while the agreed capital of new partner is lower than the amount he has contributed
c The total contributed capital of all partners is less than the total agreed capital of new partnership
while the agreed capital of new partner is higher than the amount he has contributed
d The total contributed capital of all partners is more than the total agreed capital of new partnership
while the total agreed capital of old partners is equal to the amount they contributed
a 5. If a partner who retired from the partnership receives less than the capital balance before retirement which
also resulted to decrease in the capital balance of remaining partners, which is correct?
a The retiring partner receives bonus from the remaining partners
b An impairment loss is recognized before the retirement
c Revaluation surplus is recognized before the retirement
d The retiring partner gives bonus to the remaining partner
DISSOLUTION
(sub-partner)
an existing partnership by