True or FalseInstruction: Write "T" if the statement is correct and "F" if incorrect.1. A withdrawing or retiring partner cannot sell his interest to any personwithout informing first the other partner.2. When there are only two persons comprising the partnership, the sale ofone's share to the other will make the partnership become a solepartnership.3. Insolvency of partnership is where its remaining assets are confined to thesettlement of its obligation resulting in its inability to go on with normaloperations.

A partnership is a business form that is conducted by two or more partners who are agreed to share…

Answered: A withdrawing or retiring partner…

Business

Accounting

A withdrawing or retiring partner cannot sell his interest to any person without informing first the other partner.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 2MC: Any assets invested by a particular partner in a partnership ________. A. do not become a...

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