Dissolution: Truth or Lie
GAME 1: Dissolution or Change in Ownership-True or False Statements
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Topics of this game:
- Nellie Asuncion directly purchased Ferdinand Romero's P250.000 interest for P300,000. The entry to record the transaction is for P300.000, par
- It is possible to invest no tangible assets into a partnership, yet be given a positive opening capital balance.
- When the existing partners pay a bonus to a newly admitted partner, the existing partners' accounts are debited.
- When a newly admitted partner pays a bonus to existing partners, the new partner's capital account is debited to record bonus to old partner
- When Garcia purchased Violeta Pitular's 100,000 capital for P100,000, the ensuing entry on the books of the partnership is debit cash 100,000
- There is no impact on the statement of recognized income and expense of a partnership when a partner withdraws from the business.
- When a partner withdraws from a partnership, an audit might be performed and the assets reappraised.
- The admission of a partner does not change the composition of partners' equity if the new partner purchases the old partner's interest.
- When a new partner invests more than the proportionate share he receives in the partnership, a bonus is given to his account.
- A partnership agreement is dissolved when a new partner is admitted to the partnership.
- A new partner must have the consent of all the partners before being admitted into the partnership.
- Jose purchased from Vangie her P30,000 partnership interest for P50,000. The entry to record the transaction is for P30,000 capital interest.
- It is possible to invest assets into a partnership and be given a zero capital balance.
- When a new partner is given 30% interest in a partnership, he will receive 30% of all future profits and losses.
- The dissolution of a partnership is the same as the liquidation of a partnership.
- When a partner withdraws assets greater than his capital balance, the excess is treated as a bonus to the remaining partners.
- When a partner leaves a partnership, it is possible that total assets will be unaffected.
- A partner who withdraws from a partnership is always entitled to the balance in his capital account.
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