, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. There is no need to revise the partners’ equity. d. Partnership profit and loss ratio will change.
, one of the partners in the ABC Partnership, decided to buy the share of B in the partnership. Which of the following statements is not true? a. Partners’ equity in total amount will not change. b. Partnership assets will remain the same. c. There is no need to revise the partners’ equity. d. Partnership profit and loss ratio will change.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2MC: Any assets invested by a particular partner in a partnership ________. A. do not become a...
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A, one of the partners in the ABC
a. Partners’ equity in total amount will not change.
b. Partnership assets will remain the same.
c. There is no need to revise the partners’ equity.
d. Partnership profit and loss ratio will change.
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