Which of the following statements is not correct? * O A bonus us normally shared by the existing partners in their profit-sharing ratio O The admission of a new partner requires the consent of the majority of the partners The total assets of the partnership remain unchangedwhen a new partner purchases an interest directly from an existing partner O The withdrawal of a partner legally dissolves the partnership
Which of the following statements is not correct? * O A bonus us normally shared by the existing partners in their profit-sharing ratio O The admission of a new partner requires the consent of the majority of the partners The total assets of the partnership remain unchangedwhen a new partner purchases an interest directly from an existing partner O The withdrawal of a partner legally dissolves the partnership
Chapter10: Partnership Taxation
Section: Chapter Questions
Problem 23MCQ
Related questions
Question
question 34
choose the correct answer from the choices
Transcribed Image Text:Which of the following statements is not correct? *
O A bonus us normally shared by the existing partners in their profit-sharing ratio
O The admission of a new partner requires the consent of the majority of the partners
The total assets of the partnership remain unchangedwhen a new partner purchases an interest directly from
an existing partner
O The withdrawal of a partner legally dissolves the partnership
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Step by step
Solved in 2 steps
Knowledge Booster
Learn more about
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.Recommended textbooks for you