Reference no: EM132806767
Problem 1. Which of the following conditions constitute a legal dissolution of a partnership?
A. Death of partner
B. Retirement of a partner
C. Admission of a partner
D. All of the above
Problem 2. When admitting a new partner into an existing partnership, any allocation of bonus to the old partners is based on:
A. The profit and loss ratio
B. An equal distribution among the partners
C. The fair values of the assets each partner has contributed to the partnership
D. The relative capital balances of the partners
Problem 3. When the investment of a new partner exceeds the new partners' initial capital balance and there are no partnership assets to be revalued, who will receive the bonus?
A. The new partner
B. The old partners in their old profit and loss ratio
C. The old partners in their new profit and loss ratio
D. The old and new partners in their new profit and loss ratio
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