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11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a   capital partner. Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all   existing partners. Statement- 1       Statement- 2 A. True                          False B. False                        False C. False                        True D. True                         True

11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a   capital partner. Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all   existing partners. Statement- 1       Statement- 2 A. True                          False B. False                        False C. False                        True D. True                         True

FINANCIAL ACCOUNTING
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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11. Statement 1. An industrial partner is not exempted from sharing in the loss of the partnership if he is also a 
 capital partner.
Statement 2. When a new partner is admitted in the existing partnership, there is no need the consent of all 
 existing partners.


Statement- 1       Statement- 2
A. True                          False
B. False                        False
C. False                        True
D. True                         True

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