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Chapter Partnership Explain what the problem is with being a general partner in...

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Accounting

Chapter Partnership

  1. Explain what the problem is with being a general partner in a partnership.
  2. In the last entry for a Statement of Liquidation cash is distributed to the partners. How is this done and why?
  3. Henry wanted to purchase an interest in a partnership from Bertha. He paid $11,000 to her for the complete interest. The partnership capital account of Bertha showed only $4,000. Record the entry required.

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