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5 A partner who is known by third parties as partner but does not take active part in business is * (1 Point) secret partner silent partner dormant partner ostensible partner 8 If partner A contributes a land to the partnership on January 1,2022 acquired at P 1,200,000 3 years ago and with a market value on the date of formation of P 1,250,000, it will be recorded at what amount? (Assume the book value of the land from the sole proprietors book of A is P 1,220,000) * (1 Point) * Cannot be determined. 1,250,000 P 1,220,000 P 1.200,000 9 Which of the following is not correct regarding the right of an industrial partner regarding the distribution of profit or loss? * (1 Point) They do not share in partnership losses A just and equitable share is given if the partnership resulted to profits.Option 2 If the industrial partner has also a capital contribution, he/she also receives a share in profits in proportion to his/her capital contribution, They do share in the profits and losses 10 Statement I: The admission of an industrial partner into a partnership is recorded using a memorandum entry only. Statement II :When one or more sole proprietorships are converted into a partnership and it uses a new set of books, at the date of partnership formation, the individual books of the proprietorship should be adjusted only. Statement III:In a general partnership, all of the partners should be general partners who are liable to the extent of their personal property. Statment IV: One of the partners in a proposed partnership is a billionaire. The stipulation in the contract of partnership that this partner shall be exempted from sharing in the profits of the partnership is void. * me (1 Point) One of the statements is true. Three of the statements are true. None of the statements is true. All statements are true. 11 Statement 1: In a limited partnership, there should be at least one general partner and one limited partner Statement 11 : If all the assets of the partners are contributed in the partnership at time of formation it is characterized by mutual contribution of money, property or industry. Statement III: In transferring a property, plant and equipment in the books of the partnership, the related accumulated depreciation account is recorded in the new partnership books. Statement IV:A dormant partner is one who is not known by third parties to be a partner and does not take active part in the business. (1 Point) All statements are wrong. Two of the statements are wrong. All of the statements are true. One of the statements is wrong