Direction: Write TRUE if the statement is true and FALSE if the statement is false._1. A written partnership contract is required to be prepared whenever a partnershipis formed._2. All partnerships are subject to income tax.3. A partner's contribution in the form of industry or service is recorded by debitingthe account "Industry"._4. In the partnership books, there are as many capital and drawing accounts asthere are partners._5.A partners contribution in the form of noncash assets should be recorded at its fairmarket value in the absence of an agreed value._6.A partnership is much easier and less expensive to organize than corporation.7. A newly organized partnership should always open a new set of books ._8. All partnerships have at least one general partner.9. Each partner generally has the authority to enter into contracts which are bindingupon the partnership10. The property invested in a partnership by a partner becomes the property of thepartnership.IDENTİFICATIONII.Direction: Write the word or group of words that identify each of the following statements._1. A partnership wherein all the partners have limited liability exceptfor at least one general partner._2. The contribution of an industrial partner._3. A partner who contributes money, property and industry._4. An entry prepared when a partner contributes skill or industry intothe partnership._5. A contract whereby two or more persons bind themselves tocontribute money, property, or industry to a common fund with the intention of dividing the profitsamong themselves._6. The government body which is in charge with administration ofvarious laws affecting partnerships and corporations in the Philippines._7. The word added to the name of the partnership to inform thepublic that it is a limited partnership._8. A partner whose liability is limited to the extent of his/her personalcontribution into the partnership._9. A written partnership contract which governs the formation,operation and dissolution of the partnership.10. A characteristic of a partnership wherein any partner can act inbehalf of the partnership as long as these acts are within the scope of normal partnershipactivities. Problems 1Sole Proprietors Alvis and Ancheta established a partnership on December 31, 2014 sharingprofits and losses in the ratio 60% and 40%. They agreed that each would make the followingcontributions:Alvis50,000375,0001,200,000AnchetaCashP750,000LandBuildingFurniture and Fixture675,000Accounts Payable of Alvis totaling P 250,000 is to be assumed by the partnership.Requirements: Prepare the entries on December 31, 2014 to record the investments in thepartnership by Alvis and Ancheta under each of the following independent assumptions:1. Each partner is credited for the full amount of the net assets invested.2. Each partner initially should have an equal interest in the partnership capital.3. Each partner receive capital credit proportionate to his profit and loss ratio.Problem 2Aguilar and Angeles formed a partnership wherein Aguilar is to contribute cash whileAngeles is to transfer the assets and liabilities (net asssets) of his business. Account balanceson the books of Angeles are as follows:DebitCreditCashP300,000.00Accounts ReceivableInventories450,000.00240,000.00Accounts PayableAngeles, CapitalP 90,000.00900,000.00The partners agreed on the following:1. An allowance for uncollectible accounts is to be established.2. The inventories are to be valued at their current replacement cost of P270,000.003. Prepaid expenses of P12,000.00 and accrued expenses of P 5,000.00 are to berecognized4. Angeles is to be credited for an amount equal to the5. Aguilar is to contribute sufficient cash to have an equal interest in the partnership.assets transferred1 Peter 4:8And above all things have fervent love for one another,For "Love will cover a multitude of sins."Requirements:1. Prepare entries to adjust and close the balances of accounts in the books of Angeles.2. Prepare the entries to record the investments of Aguilar and Angeles.

Question

Direction: Write TRUE if the statement is true and FALSE if the statement is false._1. A written partnership contract is required to be prepared whenever a partnershipis formed._2. All partnerships are subject to income tax.3. A partner's contribution in the form of industry or service is recorded by debitingthe account &#34;Industry&#34;._4. In the partnership books, there are as many capital and drawing accounts asthere are partners._5.A partners contribution in the form of noncash assets should be recorded at its fairmarket value in the absence of an agreed value._6.A partnership is much easier and less expensive to organize than corporation.7. A newly organized partnership should always open a new set of books ._8. All partnerships have at least one general partner.9. Each partner generally has the authority to enter into contracts which are bindingupon the partnership10. The property invested in a partnership by a partner becomes the property of thepartnership.IDENTİFICATIONII.Direction: Write the word or group of words that identify each of the following statements._1. A partnership wherein all the partners have limited liability exceptfor at least one general partner._2. The contribution of an industrial partner._3. A partner who contributes money, property and industry._4. An entry prepared when a partner contributes skill or industry intothe partnership._5. A contract whereby two or more persons bind themselves tocontribute money, property, or industry to a common fund with the intention of dividing the profitsamong themselves._6. The government body which is in charge with administration ofvarious laws affecting partnerships and corporations in the Philippines._7. The word added to the name of the partnership to inform thepublic that it is a limited partnership._8. A partner whose liability is limited to the extent of his/her personalcontribution into the partnership._9. A written partnership contract which governs the formation,operation and dissolution of the partnership.10. A characteristic of a partnership wherein any partner can act inbehalf of the partnership as long as these acts are within the scope of normal partnershipactivities. Problems 1Sole Proprietors Alvis and Ancheta established a partnership on December 31, 2014 sharingprofits and losses in the ratio 60% and 40%. They agreed that each would make the followingcontributions:Alvis50,000375,0001,200,000AnchetaCashP750,000LandBuildingFurniture and Fixture675,000Accounts Payable of Alvis totaling P 250,000 is to be assumed by the partnership.Requirements: Prepare the entries on December 31, 2014 to record the investments in thepartnership by Alvis and Ancheta under each of the following independent assumptions:1. Each partner is credited for the full amount of the net assets invested.2. Each partner initially should have an equal interest in the partnership capital.3. Each partner receive capital credit proportionate to his profit and loss ratio.Problem 2Aguilar and Angeles formed a partnership wherein Aguilar is to contribute cash whileAngeles is to transfer the assets and liabilities (net asssets) of his business. Account balanceson the books of Angeles are as follows:DebitCreditCashP300,000.00Accounts ReceivableInventories450,000.00240,000.00Accounts PayableAngeles, CapitalP 90,000.00900,000.00The partners agreed on the following:1. An allowance for uncollectible accounts is to be established.2. The inventories are to be valued at their current replacement cost of P270,000.003. Prepaid expenses of P12,000.00 and accrued expenses of P 5,000.00 are to berecognized4. Angeles is to be credited for an amount equal to the5. Aguilar is to contribute sufficient cash to have an equal interest in the partnership.assets transferred1 Peter 4:8And above all things have fervent love for one another,For &#34;Love will cover a multitude of sins.&#34;Requirements:1. Prepare entries to adjust and close the balances of accounts in the books of Angeles.2. Prepare the entries to record the investments of Aguilar and Angeles.

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