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What the net effect of such restatement must be distributed

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Reference no: EM132787849

Problem 1: If a bonus is to be given to the existing partners, it is allocated among them according to the

a. Profit and loss ratio of the existing partnership

b. Profit and loss ratio of the new partnership

c. Capital ratio of existing partners

d. Capital ratio of all the partners, including the new partner

Problem 2: Upon dissolution, the partners may adjust the partnership assets and liabilities. The net effect of such restatement must be distributed to the partners based on their

a. ending capital balances

b. old profit and loss ratio

c. new profit and loss ratio

d. beginning capital balances

Reference no: EM132787849

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