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Problem 1: The admission of a new partner
a. does not have an effect on the capital balances of the original partners
b. will decrease the capital balances of the original partners.
c. will increase the capital balances of the original partners,
d. Any of the above
Problem 2: Liquidation differs from dissolution in that in liquidation
a. the business will no longer continues
b. assets will be revalued.
c. gains and losses are distributed according to the partnership agreements
d. There are no differences between the two.
The partnership statement of profit or loss for the year shows a profit of $58,500. Calculate how much of the total profit is Maria is entitled to
gull corp. is considering selling its old popcorn machine and replacing it with a newer one. the old machine
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