If a new partner is admitted in the partnership through purchase of interest. O The purchase price paid by the new partner is not recorded in the partnership book O Total partnership assets and capital will change O The purchase price paid by the new partner is recorded in the partnership books O Capital interest should only be sold at book value

SWFT Corp Partner Estates Trusts
42nd Edition
ISBN:9780357161548
Author:Raabe
Publisher:Raabe
Chapter10: Partnerships: Formation, Operation, And Basis
Section: Chapter Questions
Problem 5BCRQ
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If a new partner is admitted in the partnership through purchase of interest.
The purchase price paid by the new partner is not recorded in the partnership book
O Total partnership assets and capital will change
The purchase price paid by the new partner is recorded in the partnership books
O Capital interest should only be sold at book value
Transcribed Image Text:If a new partner is admitted in the partnership through purchase of interest. The purchase price paid by the new partner is not recorded in the partnership book O Total partnership assets and capital will change The purchase price paid by the new partner is recorded in the partnership books O Capital interest should only be sold at book value
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