If a new partner were to purchase 99% of an existing partner's share of a business which account would be debited:
A) Existing Partners Drawing
B) New Partners Drawing
C) Existing Partners Capital
D) New Partners Capital
Correct Answer:
Verified
Q11: When an incoming partner's contribution is different
Q12: Assuming a new partner has been approved
Q13: A new partner also may be admitted
Q14: It may be argued that the difficulties
Q15: Recording a write down from an original
Q17: An incoming partner may acquire an interest
Q18: It is possible that an incoming partner
Q19: Assuming there are no differences between the
Q20: When a new partnership is formed and
Q21: A,B and C have a partnership
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