34. Dissolution is always followed by liquidation. . 0 The amount of asset revaluation when a new partner is admitted is shared by the existing partners equally. 34. Dissolution is always followed by liquidation. 35. A partnership may be dissolved without being liquidated. 36. Liquidation is always preceded by dissolution. 37. A bonus can only be recorded for a retiring partner if the partnership acquires the interest of the retiring partner. 38. The total contributed capital can never be greater than the total agreed capital. 39. If existing partners acquire the retiring partners' interest, the existing partners must purchase. the retiring partner's interest in proportion to their profit and loss ratio. 40. Bonus receive by the old partners are allocated in proportion to their profit and loss ratio.

34. Dissolution is always followed by liquidation. . 0 The amount of asset revaluation when a new partner is admitted is shared by the existing partners equally. 34. Dissolution is always followed by liquidation. 35. A partnership may be dissolved without being liquidated. 36. Liquidation is always preceded by dissolution. 37. A bonus can only be recorded for a retiring partner if the partnership acquires the interest of the retiring partner. 38. The total contributed capital can never be greater than the total agreed capital. 39. If existing partners acquire the retiring partners' interest, the existing partners must purchase. the retiring partner's interest in proportion to their profit and loss ratio. 40. Bonus receive by the old partners are allocated in proportion to their profit and loss ratio.

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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