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FAC1602 ASSESMENT 2 SEMESTER 2 2024 When a new partner is admitted to a partnership, the old partnership automatically continues without any changes to the ownership structure. True False What happens to the capital accounts of partners when goodwill$2.85
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Elementary Financial Accounting and Reporting (FAC1602)
Exam (elaborations)
FAC1602 ASSESMENT 2 SEMESTER 2 2024 When a new partner is admitted to a partnership, the old partnership automatically continues without any changes to the ownership structure. True False What happens to the capital accounts of partners when goodwill
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Course
Elementary Financial Accounting and Reporting (FAC1602)
Institution
University Of South Africa (Unisa)
Book
FAC1601
FAC1602 ASSESMENT 2 SEMESTER 2 2024
When a new partner is admitted to a partnership, the old partnership automatically continues without any changes to the
ownership structure.
True
False
What happens to the capital accounts of partners when goodwill is recorded for the rst time upon th...
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FAC1601 ASSESMENT 2 SEMESTER 2 2024 If the remaining partners do not wish to sell a retiring partner’s share, they can use partnership funds to settle the retiring partner’s interest. True Fal...
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Elementary Financial Accounting and Reporting (FAC1602)
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,9/16/24, 9:01 PM Assessment 2 (page 2 of 11)
FAC1602-24-S2 Welcome Message Assessment 2
QUIZ
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Question 2
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When a partner retires, how is their share in the partnership typically settled?
a. By issuing them additional capital
b. By revaluing the partnership’s assets
c. By adjusting the partner’s drawings account
d. By paying the retiring partner with partnership funds or selling the interest
to the remaining partners
What happens to the capital accounts of partners when goodwill is recorded for the
first time upon the admission of a new partner?
a. They are closed off and reopened with goodwill allocations
b. They are credited with goodwill based on the old profit-sharing ratio
c. They remain unchanged
d. They are adjusted based on the new partner’s contribution
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