Page 33 - Demo

%u062c%u0645%u064a%u0639 %u0627%u0644%u062d%u0642%u0648%u0642 %u0645%u062d%u0641%u0648%u0638%u0629 %u0640 %u0627%u0625%u0644%u0639%u062a%u062f%u0627%u0621 %u0639%u0644%u0649 %u062d%u0642 %u0627%u0644%u0645%u0624%u0644%u0641 33 %u0628%u0627%u0644%u0646%u0633%u062e %u0623%u0648 %u0627%u0644%u0637%u0628%u0627%u0639%u0629 %u064a%u0639%u0631%u0636 %u0641%u0627%u0639%u0644%u0647 %u0644%u0644%u0645%u0633%u0627%u0626%u0644%u0629 %u0627%u0644%u0642%u0627%u0646%u0648%u0646%u064a%u0629Use the following information to solve problems from 27 to 33:On 1/1/2020, Partners (A & B) agreed to form AB Partnership. A%u2019s share in capital is $100,000 & he paid it in cash on 1/1. However, B contributed his share by presenting the following assets on 1/1:Asset Book Value Market ValueLand 42,000 65,000Inventory 38,000 35,000AR 50,000 40,000NP (Land) 25,000 20,00027- If the share in Capital of Partner B is equal to his net assets contributed. Then the total capital of the whole partnership will be equal to: A) $100,000 B) $120,000 C) $160,000 D) $220,000 E) None of the aboveLand 65,000Inventory 35,000AR 40,000(-) NP (20,000)Net Assets 120,000Total capital of the whole partnership = A capital + B capital = 100,000 + 120,000 = 220,00028- If the share in Capital of Partner B is more than his net assets contributed, by $60,000. Then the total capital of the whole partnership will be equal to: A) $100,000 B) $120,000 C) $300,000 D) $320,000 E) None of the aboveB capital = 120,000 + 60,000 = 180,000Total capital of the whole partnership = A capital + B capital = 100,000 + 180,000 = 280,00029- If the share in Capital of Partner B is less than his net assets contributed, by $50,000. Then the total capital of the whole partnership will be equal to: A) $100,000 B) $170,000 C) $160,000 D) $210,000 E) None of the aboveB capital = 120,000 - 50,000 = 70,000Total capital of the whole partnership = A capital + B capital = 100,000 + 70,000 = 170,00030- If the capital share assigned to Partner B is $200,000 and there is no agreement to settle any difference in Cash, then in the formation journal entry we must: A) Debit Land by $42,000B) Debit AR by $40,000C) Debit NP by $20,000D) Debit Goodwill by $40,000E) Debit Goodwill by $80,00031- If the capital share assigned to Partner B is $200,000 and the partners agreed to settle any difference in Cash, then in the formation journal entry we must: A) Debit Land by $42,000B) Debit AR by $50,000C) Credit NP by $20,000D) Debit Cash by $80,000E) All of the above correct except %u201cA%u201dLand 65,000Inventory 35,000AR 50,000Goodwill 80,000AFDA (50 %u2013 40) 10,000NP 20,000Magdy%u2019s capital 200,000150,000230,000Land 65,000Inventory 35,000AR 50,000Cash 80,000AFDA (50 %u2013 40) 10,000NP 20,000Magdy%u2019s capital 200,000150,000230,00031