3. Bonuses to the old partners arise under each of the following circumstances, except:

a. Total contributed capital of the new partner is more than the agreed capital

b. Agreed bonus in the distribution of partnership net income

c. Withdrawal of a partner and the interest is purchased by the partnership

d. Purchase of Interest by a new partner

4. Which of the following partnership transactions are merely transfers of equity?

a. North invests P20,000 cash for a 20% interest in the partnership. The partners agreed capital is P125,000 and the contributed capital of old partners are P105,000

b. Northwest retires from the partnership ad the partnership pays him P50,000 as full settlement of his capital balance.

c. South withdraws from the partnership when his interest was bought out by his co-partners West and East.

d. Southeast dies and his wife receives settlement amounting to P80,000 from the partnership.