9. Statement 1 – In installment liquidation, cash priority program and schedule of safe payment would result to different available cash to be distributed to partners. Statement 2 – The partner with the highest capital balance will always have the highest share in the net profit/loss of the partnership. a. True; False b. False; True c. True; True d. False; False
9. Statement 1 – In installment liquidation, cash priority program and schedule of safe payment would result to different available cash to be distributed to partners. Statement 2 – The partner with the highest capital balance will always have the highest share in the net profit/loss of the partnership. a. True; False b. False; True c. True; True d. False; False
9. Statement 1 – In installment liquidation, cash priority program and schedule of safe payment would result to different available cash to be distributed to partners. Statement 2 – The partner with the highest capital balance will always have the highest share in the net profit/loss of the partnership. a. True; False b. False; True c. True; True d. False; False
9. Statement 1 – In installment liquidation, cash priority program and schedule of safe payment would result to different available cash to be distributed to partners. Statement 2 – The partner with the highest capital balance will always have the highest share in the net profit/loss of the partnership.
a. True; False b. False; True c. True; True d. False; False
Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.
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