I. TRUE OR FALSE. Write TRUE if the statement is correct and FALSE if the statement is wrong. 1. The consent of the other partners is not necessary when admitting a new partner. 2. If a partner dies, the partnership is dissolved. 3. Admission of new partner by purchase of interest is recorded by a debit to the capital account of the buying partner. 4. The admission of a new partner by purchase of interest does not affect the total partner's equity. 5. The admission of a new partner by investment is a transaction between the buying and selling partner, 6. There is increase in assets with corresponding increase in capital under admission of a new partner by investment. 7. There is bonus if the total contributed capital is equal to the total agreed capital. 8. Goodwill refers to the ability of the firm to earn more than what is normal. 9. In liquidation, the partnership continues to operate. 10. In the exercise of the right of offset, the amount offset is the balance of the loan balance of the deficiency, whichever is lower. 11. Any deficiency that was not paid by the deficient partner is considered a loss to the other partners. 12. Gain or loss on realization is close to capital accounts of the partners. 13. The partner is solvent when his personal assets exceed his Personal liabilities, while the partner is insolvent when his Personal liabilities exceed his personal assets. 14. The right of offset cannot be exercised in the absence of the partner's loan to the partnership. 15. The capital deficiency can be eliminated by additional cash investment of the deficient partner