1. A general partner in a general partnership is liable to creditors for debts incurred by the partnership up to the extent of his/her personal assets.

2. The drawing account is debited for temporary capital withdrawals of a partner.

3. Not all partnerships are to be taxed on its income in the same manner as corporations.

4. One of the items included in the contract binding the partners in the partnership business is the causes for dissolution and the provision for arbitration in settling disputes.

5. Partners are required to advance money to the partnership in the form of loans when the business is in need of additional funds.

6. Depreciable assets invested by a sole proprietor in a partnership venture must be recorded at gross amount together with the Allowance for Bad Debts.

True or False?

(Please answer all if you can)