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Question 111 - IIA-CIA-Part3 discussion

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An internal auditor was asked to review an equal equity partnership, in one sampled transaction.

Partner A transferred equipment into the partnership with a Self-declared value of 510 ,000, and Partner B contributed equipment with a self-declared value of 515,000. The capital accounts reach partner were subsequently credited with $12,500. Which of the following statements Is true regarding this transection?

A.
The capital accounts of the partners should be increased by she original cost of the contributed equipment.
Answers
A.
The capital accounts of the partners should be increased by she original cost of the contributed equipment.
B.
The capital accounts should be increased using a weighted average based by the current percentage of ownership.
Answers
B.
The capital accounts should be increased using a weighted average based by the current percentage of ownership.
C.
No action is needed, as the capital account of each partner was increased by the correct amount,
Answers
C.
No action is needed, as the capital account of each partner was increased by the correct amount,
D.
The capital accounts of the partners should be increased by She fair market value of their contribution.
Answers
D.
The capital accounts of the partners should be increased by She fair market value of their contribution.
Suggested answer: C
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asked 18/09/2024
Akram Abou Soultan
32 questions
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