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When forming a partnership, new partners should record non-monetary assets on the new partnership's books...

Accounts - Principles of Accounts
JAMB 1998

When forming a partnership, new partners should record non-monetary assets on the new partnership's books at?
  • A. their current fair market values
  • B. their historical costs when first use
  • C. their historical costs when first purchase by each new partner
  • D. the highest values practical so that future income tax deductions are maximized
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Correct Answer: Option A
Explanation
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Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
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Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789
Post-UTME Past Questions - Original materials are available here - Download PDF for your school of choice + 1 year SMS alerts
Join your school's WhatsApp group
Project Topics and Materials, Post-UTME past questions - Download now or upload yours to get paid
NECO June/July 2024 - Get offline past questions & answers - Download objective & theory, all in one app 48789