True or False With Explanation Please

1. When salary and interest allocations exceed profit, a loss has occurred.
2. The salary, interest and stated ratio method of allocation cannot be applied when a loss has occurred.
3. It is possible to allocate profit or loss to partners based soley on salaries.
4. In the absence of specific agreement, the law requires that partnership profits be divided equally among the partners.
5. The basis on which profits or losses are shared is a matter of agreement among the partners and may not necessarily be the same as their capital contribution ratio.
6. Under the pure capital ratio plan or allocating profits, the partner who invested more capital will ultimately shoulder a bigger share of the loss.
7. When a loss is closed into the partners capital accounts, income summary is credited.
8. In the absence of any agreement, salaries allowances shall be provided even when operations yielded losses.
9. A partnership contract should be drawn up at the end of each year, prior to distributing profit to the partners.
10. The use of salaries in the allocation of profit or loss allows for the differences in the service that partners provide the business.
11. Profit or losses are divided equally among the partners unless the partnership agreement specifies otherwise.
12. A stipulation that excludes one or more partners from any share in the profits or losses is valid.
13. The profit or losses shall be distributed in conformity with the agreement. If only the share of each partner is the profits has been agreed upon, the share of each is the losses shall be in the same proportion.
14. It is possible to allocate profit or lose to the partners based on interest.
15. It is possible to allocate profit or partners based on the stated ratio.