youssefharaty99 youssefharaty99

11-12-2020
Business

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When a partner invests noncash assets in a partnership, the assets are recorded at the partner’s book value

Respuesta :

Tundexi Tundexi

16-12-2020

Answer:

False

Explanation:

When a partner invests noncash assets in a partnership, the assets are recorded at the partner’s book value is incorrect and false.

Assets are to be recorder at their fair value whenever a partner invests non cash assets in a partnership. The practice is assets brought by partners into firm are always recorded at fair value not book value.

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