Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing 330,000 and 110,000 respectively. Determne the partner's participation in the 2016 profit of 420,000 under each of the following independent assumptions. a. No agreement concerning division of profits
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.
Elisa Diaz and Ma. Concepcion Manalo formed a partnership, investing 330,000 and 110,000 respectively. Determne the partner's participation in the 2016 profit of 420,000 under each of the following independent assumptions.
a. No agreement concerning division of profits
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