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Find what is an industrial partner

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Problem 1. What is an industrial partner? How will you account the contribution and the share in the profit or loss of an industrial partner? Explain briefly.

Problem 2. A partner contributes the following assets: Accounts Receivable with an existing Allowance for Doubtful Accounts balance and Building with an existing Accumulated Depreciation balance. What will be your entry on the book of the partnership? Explain briefly.

Problem 3. Why is it necessary to specify whether the withdrawal made by the partner is a withdrawal against profit or a permanent withdrawal of capital or a loan being extended to him/her by the partnership? Explain briefly

Reference no: EM132758858

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