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27 a partner invested into a partnership a building

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27. A partner invested into a partnership a building with a P250,000 carrying value and P400,000fair market value. The related mortgage payable of P125,000 was assumed by the partnership. Asa result of the investment, the partner's capital account will be credited for:a. P125,000b. P275,000c. P250,000d. P400,000
28. Which of the following partnership characteristics is a disadvantage?
29. All of the following are true for both general and limited partnerships except:
30. A partnership records a partner's investment of assets in the business at:
31. Which of the following is not a characteristic of most partnerships?a. Ease of formationb. Limited liabilityc. Mutual agencyd. Limited life
32. The partner's capital account is credited in the following cases except when it involves therecording of the:
33. An advantage of the partnership as a form of business organization would be:
34. The partnership agreement is contained in the articles of partnership, an express contractamong the partners. Such an agreement ordinarily does not include:
35. Non-cash assets invested into a partnership are recorded at:a. zerob. their original costc. their carrying valued. their fair market value
SUMMARY:1. C11. C21. C31. B2. C12. D22. C32. D3. B13. A23. C33. B4. C14. A24. A34. B5. B15. B25. C35. D6. B16. C26. B7. C17. A27. B8. B18. D28. A9. A19. D29. C10. B20. D30. A
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Term
Fall
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Tags
Balance Sheet, Market Value, Generally Accepted Accounting Principles, Managing Partner

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