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    Accounting Study Set 4
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    Exam 12: Accounting for Partnerships and Limited Liability Companies
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    When a New Partner Purchases the Entire Interest of an Old
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When a New Partner Purchases the Entire Interest of an Old

Question 187

Question 187

True/False

When a new partner purchases the entire interest of an old partner, the new partner's capital account should be credited for the amount he or she paid to the old partner.

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