Revaluation account is a nominal account

falser

45. The withdrawal of a partner may involve recording of bonus. 46. This is a valid revaluation entry for fixed asset: Debit
46. 47. This is a valid revaluation entry for fixed asset: Debit Joel Santos, capilar al IVUITOR Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price, 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than that of a corporation 50. The final credit balance of the Income Summary account means the result of operation is a net loss, 51. Investment by a partner in the form of Accounts Receivable is acceptable when a partnership is being formed 52. Admission of new partner by investment always increases total assets but has no effect on total capitalization 53. Mutual agency, unlimited life, and unlimited liability are among the general characteristics of a partnership 54. When a fixed asset is overvalued, the appropriate revaluation entry is a debit to the capital accounts of the partners and a credit to accumulated depreciation 55. The revaluation entries during partnership formation will involve real accounts only. ** The nortnare drawing account should be closed to the partner's capital account balance when he or she
45. The withdrawal of a partner may involve recording of bonus. 46. This is a valid revaluation entry for fixed asset: Debit Joel Santos, Capital and credit Office Equipment. 47. Gain on realization means the carrying amount of fixed assets sold is exceeded by the selling price. 48. When a sole proprietor has Accounts Receivable as part of his investment in the newly-formed partnership, the account is recorded in the partnership books at an amount net of the allowance for doubtful accounts. 49. A partnership usually has greater capitalization than that of a corporation 50. The final credit balance of the Income Summary account means the result of operation is a net loss, 51. Investment by a partner in the form of Accounts Receivable is acceptable when a partnership is being formed 52. Admission of new partner by investment always increases total assets but has no effect on total capitalization 53. Mutual agency, unlimited life, and unlimited liability are among the general characteristics of a partnership 54. When a fixed asset is overvalued, the appropriate revaluation entry is a debit to the capital accounts of the partners and a credit to accumulated depreciation. 55. The revaluation entries during partnership formation will involve real accounts only.