I.TRUE OR FALSE. Write TRUE if the statement is correct and FALSE if the statement iswrong.1. The consent of the other partners is not necessary whenadmitting a new partner.2. If a partner dies, the partnership is dissolved.3. Admission of new partner by purchase of interest is recordedby a debit to the capital account of the buying partner.4. The admission of a new partner by purchase of interest doesnot affect the total partner's equity.5. The admission of a new partner by investment is a transactionbetween the buying and selling partner.6. There is increase in assets with corresponding increase incapital under admission of a new partner by investment.7. There is bonus if the total contributed capital is equal to thetotal agreed capital.8. Goodwill refers to the ability of the firm to earn more thanwhat is normal.9. In liquidation, the partnership continues to operate.10. In the exercise of the right of offset, the amount offset is thebalance of the loan balance of the deficiency, whichever is lower._ 11. Any deficiency that was not paid by the deficient partner isconsidered a loss to the other partners.12. Gain or loss on realization is close to capital accounts of thepartners.13. The partner is solvent when his personal assets exceed hisPersonal liabilities, while the partner is insolvent when hisPersonal liabilities exceed his personal assets.14. The right of offset cannot be exercised in the absence of thepartner's loan to the partnership.15. The capital deficiency can be eliminated by additional cashinvestment of the deficient partner

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Answered: 1. The consent of the other partners is…

Business

Accounting

1. The consent of the other partners is not necessary when admitting a 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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