If MJM decides to retire and the partners agree to have TLM buy out MJM

If MJM decides to retire and the partners agree to have TLM buy out MJM

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If MJM decides to retire and the partners agree to have TLM buy out MJM's partnership interest, the  partnership's accounting records must simply reflect the change of ownership. As TLM is buying out  MJM's entire interest directly from MJM, the partnership's entry to record the transaction is as 
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Unformatted text preview: follows: General Journal Date Account Title and Description Ref. Debit Credit 20X0 Mar. 10 MJM, Capital 70,000 TLM, Capital 70,000 Buyout of MJM by TLM...
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This note was uploaded on 11/15/2011 for the course ACCT 2310 taught by Professor Staff during the Spring '09 term at Texas State.

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