Reference no: EM132770088
Problem 1: When a partner retires and receives settlement in cash less than his capital balance, how should the difference be treated?
A. The difference should be credited to all the partners in their profit and loss ratio
B. The difference should be debited to all the partners in their profit and loss ratio
C. The difference should be credited to the remaining partners in their remaining profit and loss ratio
D. The difference should be debited to the remaining partners in their remaining profit and loss ratio
Problem 2: Statement 1 - The retirement or withdrawal of a partner from a partnership does not require termination of the business; Statement 2 - When a partner retires from a partnership, he or she is personally liable for any partnership debts incurred after the retirement.
A. Only Statement 1 is correct
B. Only Statement 2 is correct
C. Both Statements are correct
D. Both Statements are incorrect
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