TRUE OR FALSE 41. A retiring partner from the partnership may receive bonus from the remainingpartner.42. A retiring partner from the partnership may pay bonus to remaining partners.43. Winding up is the process of settling the business or partnership affairs afterdissolution.44. Bonus to old partner results in a reduction of capital interest of the newpartner.45. Any partner may retire from the partnership without prior notice with otherpartners.46. Partnership assets must be revalued when a partner withdraws.47. If the new partner acquires 20% capital interest of an existing partner, the newpartner is also entitled to a 20% of the existing partner's profit and loss ratio.48. Bonus to existing partner is given by the new partner.49. The sale of interest of the retiring partner to the remaining partners is apersonal transaction between them.50. The sale of interest of the retiring partner to the remaining partner increasesthe capital of the partnership. .

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.41. A retiring partner from the partnership may receive bonus from the remaining partner. 42. A retiring partner from the partnership may pay bonus to remaining partners. 43. Winding up is the process of settling the business or partnership affairs after dissolution. 44. Bonus to old partner results in a reduction of capital interest of the new partner.

.41. A retiring partner from the partnership may receive bonus from the remaining partner. 42. A retiring partner from the partnership may pay bonus to remaining partners. 43. Winding up is the process of settling the business or partnership affairs after dissolution. 44. Bonus to old partner results in a reduction of capital interest of the new partner.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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