True or False. Show the solution for the item that needs computation.

1. Partnership follows the same accounting cycle as in sole proprietorship.
2. An industrial partner is not exempted from sharing in the loss of the partnership.
3. The partnership profit and loss sharing ratio is always the same as the partners capital contribution rate.
4. Partnership differs from a sole proprietorship in terms of ownerships structure.
5. One aspect that partnership differs from sole proprietorship is the plurality of capital and drawing account.
6. The credit to Income and Expense summary after closing entry is prepared represents profit.
7. A partners share in profit is credited to partners drawing account.
8. When the partnership borrows money from the partners, there is a debtor- creditor relationship, the partnership as a debtor and partners as creditor.
9. The ratio of 2:3 in the division of profit is equal to the fraction of 2/5and 3/5.
10. The fraction of and in the division of profit is equal to the ratio of 1:3.

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