Which one of the following alternatives is correct?
a. Since a partnership is a legal entity, the ownership of a partnership is vested in the partners, and not in the partnership.
b. Since partnerships are not governed by a law requiring that IFRS be applied, it is not possible to introduce a standardised accounting procedure according to which changes in the ownership structure of partnerships ought to be recorded.
c. From the legal perspective, the activities of a dissolved and a subsequent new partnership are not separately accounted for and reported on.
d. When a change in the ownership structure of a partnership occurs, a new partnership agreement is entered into by the new partners which causes the existing partnership to continue with its business operations without any interruptions.
e. The retirement of a partner from a partnership does not require the calculation of a new profit-sharing ratio but a simple reallocation of a retired partner’s share.