ADVANCED FINANCIAL ACCOUNTING IA
ADVANCED FINANCIAL ACCOUNTING IA
12th Edition
ISBN: 9781260545081
Author: Christensen
Publisher: MCG
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Chapter 15, Problem 15.2C
To determine

Admission of partner: changes in the membership of partnership occurs with addition of new partner or disassociation of present partners. The legal structure of partnership requires that the admission of new partner should be unanimously approved by all the existing partners. Section 306 of the UPA of 1997 states that a person admitted as a new partner of existing partnership is not personally liable for any partnership obligation incurred before the new partner was admitted. To explain: three different methods of accounting for the admission of a new partner.

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