If a partner invests noncash assets in a partnership, they should be recorded by the partnership at their fair value.
If a partner invests noncash assets in a partnership, they should be recorded by the partnership at their fair value.
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True
False
Homework Answers
TRUE
WHEN A PARTNER INVESTS IN NON CASH ASSET IN PARTNERSHIP THEN HIS SHARE WLL BE RECORDED AT THE FAIR VALUE OF NON CASH ASSET .THE NON CASH ASSET BROUGHT WILL BE CONSIDERED AS HIS SHARE OF OWNERSHIP IN PARTNERSHIP.
THE PARTNERS BRING CAPITAL BOTH IN THE FORM OF CASH AND NON CASH ASSETS.
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If a partner invests noncash assets in a partnership, they should be recorded by the partnership at their fair value.
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