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A partnership records a partner’s investment of assets in the business at

a. The market value of the assets invested


b. A special value set by the partners
c. The partner’s book value of asset invested
d. Any of the above, depending upon the partnership agreement

Before the withdrawal of a partner from their partnership, the partners agreed to adjust assets
to their fair values. Accordingly, the appraisal increase was credited to
a. Income summary
b. Deferred credit
c. Appraisal capital
d. Capital account

The final cash distribution to the partners in a partnership liquidation should be made in
accordance with
a. Balances of the partners’ capital accounts
b. Partner’s profit and loss sharing ratio
c. Ratio of capital contributions made by the partners
d. Ratio of capital contributions less withdrawals made by the partners

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