TRUE OR FALSE or FalseTrue rue if the statement is correct and False if the statement is wrong.The new partner will never ręceive a bonus when they join the partnership.2 Partnership assets should always be revalued when a new partner is admitted.3. Majority consent of partners is needed to admit a new partner.4. Dissolution is always preceded by liquidation.5: Dissolution can occur when a new partner enters the partnership or anexisting partner leaves the partnership.6. A new partner's liability for actions that occurred before joining thepartnership is limited to the amount invested in the partnership.7. : A new partner cannot be admitted into a partnership without the consent of allexisting partners.8. It is possible to admit new partner without any cash or property invested inthe partnership.9. The new partner capital interest may increase by his share of the revaluationof assets under revaluation method.10. The termination of business is not a requirément for dissolution.

Basic Concept of Partnership Accounting

Wihe new partner will never receive a bonus when they join the partnership. . Partnership assets should always be revalued when a new partner is admitted. 3 Majority consent of partners is needed to admit a new partner.

Wihe new partner will never receive a bonus when they join the partnership. . Partnership assets should always be revalued when a new partner is admitted. 3 Majority consent of partners is needed to admit 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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Question

TRUE OR FALSE

or False
True rue if the statement is correct and False if the statement is wrong.
The new partner will never ręceive a bonus when they join the partnership.
2 Partnership assets should always be revalued when a new partner is admitted.
3. Majority consent of partners is needed to admit a new partner.
4. Dissolution is always preceded by liquidation.
5: Dissolution can occur when a new partner enters the partnership or an
existing partner leaves the partnership.
6. A new partner's liability for actions that occurred before joining the
partnership is limited to the amount invested in the partnership.
7. : A new partner cannot be admitted into a partnership without the consent of all
existing partners.
8. It is possible to admit new partner without any cash or property invested in
the partnership.
9. The new partner capital interest may increase by his share of the revaluation
of assets under revaluation method.
10. The termination of business is not a requirément for dissolution.

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