1. When a property other than Cash is invested in a partnership, at what amount should the noncash property credited to the contributing partner’s capital account? A. Original cost of the assets...

1. When a property other than Cash is invested in a partnership, at what amount should the noncash
property credited to the contributing partner’s capital account?
A. Original cost of the assets during acquisition
B. Assessed value of the property at the date of contribution
C. Fair market value at the date of contribution
D. Net book value at the date of contribution

2. Which of the following partners are not liable in case of partnership losses but is liable for partnership
debts to the extent of their personal assets?
A. Capitalist partner
B. Nominal partner
C. Industrial partner
D. Limited partner

3. Failure to stipulate on how profit and loss de divided among partners, it should be -
A. in proportion to what has been contributed
B. equally divided
C. settled in the court of law
D. by other legal means agreeable among partners

Kindly asnswer the questions correctly by choosing a letter. Thank you