Reference no: EM132928004

Problem 1: What will not result to the dissolution of a partnership?

Option 1: Insolvency of the partnership

Option 2: Assignment of an existing partner's interest to a third person

Option 3: Admission of a new partner in an existing partnership

Option 4: Retirement of a partner

Problem 2: Under the generally accepted accounting principles in the Philippines, what is the acceptable reason when the amount credited to a partner is greater than the amount actually contributed by such partner during partnership formation?

Option 1: Recognition of goodwill by virtue of special skills or reputation of said partner.

Option 2: Recognition of impairment loss on the property contributed by said partner.

Option 3: When there is bonus given by said partner to the other partners

Option 4: Receipt or transfer of capital from other partner by virtue of partner's agreement resulting to bonus to the said partner.