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Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094

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Section
BuyFindarrow_forward

Accounting

27th Edition
WARREN + 5 others
ISBN: 9781337272094
Textbook Problem

Explain the difference between the admission of a new partner to a partnership (a) by purchase of an interest from another partner and (b) by Contribution of assets to the partnership.

(a)

To determine

Partnership

It is that form of organization which is owned and managed by two or more persons who invest and share the profits and losses according to a pre-determined ratio.

To explain: The difference between the admission of a new partner to a partnership by purchase of an interest from another partner.

Explanation

When the admission of a new partner to a partnership firm done by purchase of an interest from another partner,...

(b)

To determine

To explain: The difference between the admission of a new partner to a partnership by contribution of assets to the partnership

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