TRUE or FALSE (Please explain your answer so I can understand it better. Thanks!)

1. In the admission of a partner by purchase, any change in the value of partnership assets and liabilities up to the date of dissolution shall be closed to the account of old partners.

2. When new partner is admitted by purchase of interest, and partnership assets are undervalued (which they agreed to adjust prior to the new partner's admission), then the new partner will be credited with capital less than his contribution.

3. As a general rule, no gain or loss, no asset revaluation or bonus, shall be recognized by the partnership when a new partner is admitted by purchase of interest.

4. In admission of a new partner by investment, the total agreed capital can never be less than the total contributed capital.

5. Admission by investment of a new partner, accounted by the bonus method, results to a total agreed capital greater than total contributed capital.

6. If the capital credit of the new partner is more than his investment, and the total partnership capital does not change, a bonus is given by the old partners.

7. If a new partner is admitted by investment and the total agreed capital is greater than total contributed capital, it is possible that bonus will be given to the new partner yet the old partner's capital will increase.

8. When a retiring partner is paid more than his interest, it is implied that a bonus is given to the remaining partners.

9. When the interest of the retiring partner is purchased by the partnership, the partnership total assets will decrease regardless of the amount given as payment.

10. If bonus is traceable to the existing partners, such bonus is allocated based on their new profit and loss agreement.