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

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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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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