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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
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