In the absence of a partnership agreement, income of a partnership will be shared equally by the partners. T/F

When a partner invests in a partnership, her partnership capital account is debited for the amount invested.T/F

In the absence of a partnership agreement, income (and loss) should be allocated based on:

• A fractional basis.

• The ratio of capital investments.

• Salary allowances.

• Equal shares.

• Interest allowances.