A and B are equal partners in AB Partnership by contributing P50,000 each on June 1, 2015. On July 1, 2015, the partnership contracted an obligation to pay Z the amount of P180,000 on August 31, 2015. On August 10, 2015, C was admitted as a new partner. C contributed P50,000. How will the obligation be paid? A. A P60,000; B P60,000; C P60,000 B. A P90,000; B P90,000; C None C. A P180,000 or B P180,000 and C P50,000 D. A P65,000; B P65,000; C P50,000
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.
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