27.The function of the Partners' Capital Statement is to explain the changes in partners' capital account balances during a period.

Select one:

True

False

28.in liquidation all partner must be paid equal amount

Select one:

True

False

29. when equipment cost 12,000 and accumulated depreciation 3500 , in the same date on time of liquidation sold by 9500 the gains or loss on sales is zero

Select one:

True

False

30. The journal entry if Ahmad and Ali established a new partnership with $60,000 cash divided equally

Select one:

a. Debit: cash 60,000. Credit: Ahmed capital 30,000 and Ali capital 30,000.

b. Debit: Ahmed capital 60,000. Credit: Ali capital 30,000 and cash 30,000

c. Debit: Ahmed capital 30,000 and Ali capital 30,000. Credit: cash 60,000

d. Debit: Ali capital 30,000 and cash 30,000. Credit: Ahmed Capital 60,000