Multiple Choice
Gary,Peter,and Chris own a firm as partners.Gary has a capital balance of $22,000;Peter a capital balance of $42,000;and Chris has a capital balance of $32,000.As per the partnership agreement,Gary gets a profit share of 2/9;Peter has 4/9;and Chris has 3/9.Which of the following is true,if Gary withdraws from the partnership by receiving $22,000?
A) Peter,Capital and Chris,Capital will be credited for $11,000 each.
B) Gary,Capital will be debited for $22,000.
C) Cash is debited for $22,000.
D) Peter,Capital will be credited for $22,000.
Correct Answer:
Verified
Correct Answer:
Verified
Q60: How is the accounting equation affected when
Q81: Liquidation in a partnership refers to _.<br>A)
Q96: When a new partner is admitted to
Q98: Which of the following is true of
Q99: Floyd and Merriam start a partnership business
Q100: Adam,Bill,and Charlie are partners.The profit and loss
Q102: Farrell and Jimmy enter into a partnership
Q106: Gary,Peter,and Chris and have capital balances of
Q132: Which of the following types of business
Q152: In a general partnership,the partners have unlimited