Which of the following statements is true regarding the admission of a new partner through the purchase

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Which of the following statements is true regarding the admission of a new partner through the purchase of partnership interest:

a. There is no impact on partnership assets, liabilities, or total equity when a new partner is added.

b. If existing partners accept the new partner, a new partnership agreement is created.

c. The original partners can refuse to accept the new partner even if they have purchased a portion of the ownership interest.

d. All of the above.

Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...
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Fundamental Accounting Principles Volume II

ISBN: 978-1260305838

16th Canadian edition

Authors: Kermit Larson, Tilly Jensen, Heidi Dieckmann

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