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What the partner capital account is credited

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Problem 1: Which of the following does not dissolve a partnership?

a. A new partner is accepted in the partnership

b. The specific objective for which the partnership was formed was achieved

c. Partner becomes incapacitated

d. None of the above

Problem 2: What is the entry to record the acceptance of an industrial partner to the partnership?

a. General journal through memo entry

b. General ledger through a debit-credit entry

c. General journal through a debit-credit entry

d. General ledger through a memo entry

Problem 3: The partner's capital account is credited when there is a(an)

a. Original Investment

b. Additional Investment

c. Net Income for the period

d. All of the above

Reference no: EM133001024

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