Which of the following is correct when a new partner is admitted through purchase of interest from existing partner?
a. the incoming partner's contribution is recorded in the partnership books
b. partnership capital is increased by the incoming partner's contribution
c. the incoming partner's contribution is not recorded in the partnership books is not allowed under the law the new partner can only purchase interest from the partnership and not from the partners themselves.
Answers & Comments
letter c.
hope it will help you
Answer:
\green{ \rule{9999pt}{999999pt}}