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FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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2. Discuss admission of new partner by purchasing an existing partner’s interest

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Step 1

Definition:

Admission of partner: When a new partner joins the partnership firm by purchasing an existing partners’ interest or contributing to the capital of the firm, it is called an admission of a partner.

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