If a new partner purchases his interest from an old partner, the only entry on the partnership books is a credit to the purchaser's capital account with a debit to the bonus account capital account of the selling partner capital account of other partners O cash account

If a new partner purchases his interest from an old partner, the only entry on the partnership books is a credit to the purchaser's capital account with a debit to the bonus account capital account of the selling partner capital account of other partners O cash account

SWFT Corp Partner Estates Trusts

42nd Edition

ISBN:9780357161548

Author:Raabe

Publisher:Raabe

Chapter10: Partnerships: Formation, Operation, And Basis

Section: Chapter Questions

Problem 5DQ

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Question

If a new partner purchases his interest from an old
partner, the only entry on the partnership books is a
credit to the purchaser's capital account with a debit to
the
bonus account
capital account of the selling partner
O capital account of other partners
O cash account

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