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Explain what the problem is with being a general partner in a partnership.

Explain what the problem is with being a general partner in a partnership.

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
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Chapter- Partnership 1. Explain what the problem is with being a general partner in a partnership. 2. In the last entry for a Statement of Liquidation cash is distributed to the partners. How is this done and why? 3. Henry wanted to purchase an interest in a partnership from Bertha. He paid $11,000 to her for the complete interest. The partnership capital account of Bertha showed only $4,000. Record the entry required.
Transcribed Image Text:Chapter- Partnership 1. Explain what the problem is with being a general partner in a partnership. 2. In the last entry for a Statement of Liquidation cash is distributed to the partners. How is this done and why? 3. Henry wanted to purchase an interest in a partnership from Bertha. He paid $11,000 to her for the complete interest. The partnership capital account of Bertha showed only $4,000. Record the entry required.
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