TRUE OR FALSE 14. Dissolution is the termination of parthership business.11. Partnership assets may be revalued but they may also remain at their carryingvalue.Is allocated to the existing partners based on their existing profit and lossratio.12. The bonus recognized by the existing partners when a new partner is admitted*o. If a new- partner directly acquires the interest of one the existing partner,consent of other existing partners are not needed.14. Dissolution is the termination of partnership business.*0. A partnership is not dissolved when a partner assigns his/her interest in thepartnership to a third party.16. Capital ratio is used to allocate the amount of asset revaluation.17. Bonus receive by the new partner are deducted to the capital interest of the oldpartners in proportion to their capital ratio.18. Bonus method is used when total agreed capital is greater than totalcontributed capital.19. A partnership may be dissolved without being liquidated.20. Incapacity of a partner is a ground for dissolution of partnership.

As per the norms of Bartleby, in case of multiple sub parts been asked per question, only first…

11. Partnership assets may bè revalued but they may value. Is allocated to the existing partners based on their existing profit and loss ratio. 12. Thẻ bonus recognized by the existing partners when a new partner is admitted 15. If a new- partner directly acquires the interest of one the existing partner, consent of other existing partners are not needed.

11. Partnership assets may bè revalued but they may value. Is allocated to the existing partners based on their existing profit and loss ratio. 12. Thẻ bonus recognized by the existing partners when a new partner is admitted 15. If a new- partner directly acquires the interest of one the existing partner, consent of other existing partners are not needed.

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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