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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What is a new profit-sharing ratio?
💡 Hint: Consider how changes affect existing agreements.
Question 2
Easy
Why is balancing capital contributions crucial?
💡 Hint: Think about fairness in partnerships.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is the primary purpose of adjusting capital accounts when partners change?
- To reflect ownership changes
- To increase profits
- To avoid taxes
💡 Hint: Consider why financial accuracy is important.
Question 2
True or False: The new profit-sharing ratio should always favor the new partner.
- True
- False
💡 Hint: Think about fairness between existing and new partners.
Solve and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A partner retires, and the current profit-sharing ratio is 50:50. The remaining partner agrees to a new ratio of 75:25. How do they adjust the capital accounts?
💡 Hint: Think about how much each partner will now earn.
Question 2
Two partners, A and B, have capital accounts of $10,000 and $5,000 respectively. After admitting a new partner C, they agree on a new profit-sharing ratio of 3:1:1. How should they balance their capital?
💡 Hint: Relate capital contributions to profit-sharing.
Challenge and get performance evaluation