Camel with interest 30% and capital 140,000. Seen 30% with capital 175000 and Areen 40% with capital 185000. The partners agree that Camel is to retire and received 161,000 and implied good will to all partners capital Seen and Areen will be: OA. 166000 and 173000 OB. 187,000 and 194000 OC. 196000and 213000 OD. 175000 and 185000
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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