Henry and thomas shares gains and losses in the ratio of 21

Reference no: EM13599001

1. As a part of the initial investment in forming a partner contributes office equipment that had a cost of $20,000 and accumulated depreciation of $12,500. If the partners deem the market value to be $9,000,what amount should be debited to the office equipment account?

2. Under a general partnership, each partner is considered an agent of a general partnership and is liable for:

3.Henry and Thomas shares gains and losses in the ratio of 2:1. They decide to dissolve their partnership and after selling all assets for cash and paying all liabilities, the cash account has $12,000 in it. The capital accounts were as follows: Henry, $10,000, Thomas, $2,000. How much of the $12,000 cash would Henry receive?

4.Chip and Dale agree to form a partnership by verbal agreement and a hand shake. Chip is to contribute $50,000 in assets and devote ½ time in the partnership. Dale is to contribute $20,000 and devote full time to the partnership. How will Chip and Dale split the net income/loss?

Reference no: EM13599001

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