of a nek 7. Statement 1: Mutual agency requires that an admission partne r is possible only with the consent of all partners capital contribution of the old partnerfs), he will require a bonus from the new partner to meet agreed capital contribution. a. Only statement 1 is true b. Only statement 2 is true c. Both statements are true d. Both statements are false Statement 2: If there is a deficit Statement 1: The admission of new partner through purchase of interest of existing partner will increase the partnership capital. 8. hrough his direct investment in Statement 2: Admission of new partner t the partnership will increase the partnership capital even the under bonus method. a. Only statement 1 is true. b. Only statement 2 is true C. Both statements are true. d. Both statements are false 9. When a new partner is admitted by his direct investment in the partnership and if his agreed capital credit is more than his agreed total contributed capital, there is a a. bonus to new partner b. bonus to old partners. c. no bonus to all partners. d. claim from new partner 10. The following transactions will affect the balance of the total partnership capital except a. Retirement of a partner by settlement equal to his interest. b. The partnership generates net income for the year c. Admission by purchase without implied goodwill, but with bonus. d. Permanent withdrawals by partners