please answer asap need

1.If the total agreed capital exceeds the total contributed capital with the new partner's investment the same as his capital credit, then the admission of a new partner involved a:

A. Bonus to new partners

B. Positive asset revaluation

C. Negative asset revaluation

D.Bonus to old partners

2. If a partnership is liquidated, how is the final allocation of business assets made to the partners?

A. According to their profit or loss ratio.

B. Equally

C. According to their final capital account balances

D. According to their capital ratio

3. If the capital credit for the new partner is less than his capital contribution with no adjustment in asset values, the admission resulted in a:

A. Bonus to old partners

B. No bonus

C. Bonus to new partner

D. Asset Revaluation

4. When a partnership purchases interest of a retiring partner at more than book value, there must be:

A. Bonus to remaining partners

B. Bonus to the retiring partner/positive asset revaluation

C. Bonus to remaining partners/negative asset revaluation

D. Bonus to retiring partners

5. When the investment of a new partner is below the new partners' capital balance and goodwill is not recorded, who will receive the bonus?

A. The old partners in their old profit or loss ratio

B. Old and new partner in their new profit or loss ratio

C. The new partner

D. The old partners in their new profit or loss ratio

6. S1: Admission of a new partner by investment generally increases the total assets and capital of the new partnership unless there is a negative asset revaluation.

S2: Admission of a new partner by purchase of interest will never affect the total assets and capital of the new partnership

A. Both statements are false

B. S1 is false; S2 is true

C. Both statements are true

D. S1 is true; S2 is false

7. S1: In lumpsum liquidation, the remaining cash available after realization and payment of liquidation expenses, will always be equal to the total interest of the partners.

S2: In installment liquidation, the partner who has the highest absorption capacity shall be prioritized in the payment of interest.

A. Both statements are false

B. S1 is true; S2 is false

C. S1 is false; S2 is true

D. Both statements are true

8. S1: Loans receivable of the partnership from the partners are deducted from the capital balance of a partner to compute his total interest.

S2: In elimination of capital deficiency, if the deficient partner has an excess personal assets over personal liabilities, the deficient partner directly invests additional cash to eliminate his capital deficiency.

A. Both statements are false

B. Both statements are true

C. S1 is true; S2 is false

D. S1 is false; S2 is true

9. S1: A single payment made to partners at the end of liquidation is called lump-sum liquidation.

S2: In an installment liquidation, all of the assets are sold and liabilities are paid before a distribution is made to partners.

A. S1 is false; S2 is true

B. Both statements are true

C. S1 is true; S2 is false

D. Both statements are false

10. S1: The dissolution of a partnership occurs only when the partnership is terminating operations and going out of business.

S2: Bonus paid to a new partner results in a reduction to the capital accounts of the existing partners in proportion to their capital ratio.

A. Both statements are false

B. Both statements are true

C. S1 is false; S2 is true

D. S1 is true; S2 is false