Question

1. A new partner cannot be admitted into a partnership without the consent of all the partners, 2. A partnership may be dissolved without being liquidated. 3. When a new partner is given 30% interest in a partnership, he will receive 30% of all future profits and losses, 4. When a partner leaves a partnership, it is possible that total assets will be unaffected. S. A person admitted as a partner into an existing partnership is liable for obligations of the partnership contracted before his admission. 6. Gains and losses on the sale of assets in liquidation are divided equally among partners. 7. Partnership creditors shall have priority in payments than those of the partners' separate creditors as regards the separate properties of the partners. 8. In partnership liquidation, one partner may have to make up for the deficit in another partner's account. 9. The cash settlement of all liabilities is referred to as realization. 10. The creditors of each partner shall be preferred to those of the partnership as regards the partnership property.

TRUE OR FALSE PLEASE HELP

Answer 1

Dear Student,

As per the HomeworkLib policy, only the first four questions should be ansred. kindly take note of it.

Part 1

Answer is True

It important to have consent of all existing partners before admitting any new partner.

Part 2

Answer is True

Partnership dissolution is not a synonymous for partnership liquidation. Partnership may dissolve due to death or retirement of any partner.

Part 3

Answer is False

Profit ratio of partners is defined in the partnership deed

Part 4

Answer is False

When a partner leaves a partnership, an audit might be performed and the asset reappraised.