Ounting records of the partnership ssets,abilities, and personal transactions of partners are excluded from the e act of any partner is binding on all other partners if the act appears to be approprate the partnership. 3 If a partner invests noncash assets in a partnership, they should be recorded by the partnership at their fair value. 4. L . .Hampton invests the following assets in a new partnership: $30,000 in cash, and equipment that cost $70,000 but has a book value of $34,000 and will be credited for $64,000. fair value of $40,000. Hampton, Capital e financial statements of a partnership are similar to those of a proprietorship. paist A partnership is an association of no more than two persons to carry on as co-owners of business for profit. 6. Once assets have been invested in the partnership, they are owned jointly by all partners. Fach nartner's initial investment in a partnership should be recorded at book value