1.51: Partnership profits and losses (including bonuses and revaluations) are allocated in accordance with their Profit and Loss Ratio. S2: If only the share in the profits have been established in the articles of partnership, then the share in the losses must be in accordance with their profit ratio.* a. S1 True: S2 False b. Both are false c.Both are true d. S2 True: S1 False 2. If the total contributed capital of the partnership is greater than the total agreed capital, which of the following may arise:* a. Undervaluation of Assets b. Overvaluation of Assets c. All of the choices d. Goodwill 3. Bonuses to the old partners arise under each of the following circumstances, except:* a.Withdrawal of a partner and the interest is purchased by the partnership b.Total contributed capital of the new partner is more than the agreed capital c. Agreed bonus in the distribution of partnership net income d. Purchase of Interest by a new partner