Smiles and Scowls,two Sole Traders,form a Partnership by Combining Their

question 2

Multiple Choice

Smiles and Scowls,two sole traders,form a partnership by combining their net assets.
Smiles contributes: $\begin{array}{lcc} & \text { Cost value } & \text { Fair value } \\\text { Accounts Receivable } & \$ 10000 & \$ 8500 \\\text { Cash } & \$ 20000 &\\\text { Scowls contributes: }\\\text { Plant } & \$ 30000 & \$ 25000 \\\text { Accumulated Depreciation } & \$ 8000 & \\\text { Bank Overdraft } & \$ 11000 &\end{array}$
What will be the amount shown in the Accumulated Depreciation account on formation of the partnership of Smiles and Scowls?

• A)Nil
• B)$3000
• C)$5000
• D)$8000

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Definitions:

Heterosexuality

A form of sexual orientation where individuals are attracted to those of the opposite sex.

Kinsey's Work

The pioneering research on human sexual behavior conducted by Alfred Kinsey and his team, leading to the publication of the Kinsey Reports.

Sexual Behavior

Actions that individuals engage in that are related to sexuality or sexual activity.

Diversity

The inclusion of individuals representing more than one national origin, color, religion, socioeconomic stratum, sexual orientation, etc., emphasizing the value of differences.