16- Mutual agency means Top of Form Multiple Choice Creditors can apply their claims to partners' personal assets. The partnership has a limited life. Partners are taxed on partnership withdrawals. A partner can bind the partnership to contracts. All partners must agree before the partnership can act.c
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
16-
Mutual agency means
Top of Form
Multiple Choice
Creditors can apply their claims to partners' personal assets.
The
Partners are taxed on partnership withdrawals.
A partner can bind the partnership to contracts.
All partners must agree before the partnership can act.c
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