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What will be entry on the book of the partnership

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Reference no: EM132760824

Problem 1: 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 2: 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: EM132760824

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