Explain whether the following items should be included in the inventory of The Knot, Inc. , acompany that arranges and supplies wedding services for couples and other wedding consultants.a. Goods are being held by The Knot on consignment from Emerald Bridal.b. Goods in transit to Winston Wedding Consultants, sold by The Knot FOB shipping point.c. Goods in transit to The Knot, purchased by The Knot FOB shipping point.
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.
Explain whether the following items should be included in the inventory of The Knot, Inc. , a
company that arranges and supplies wedding services for couples and other wedding consultants.
a. Goods are being held by The Knot on consignment from Emerald Bridal.
b. Goods in transit to Winston Wedding Consultants, sold by The Knot FOB shipping point.
c. Goods in transit to The Knot, purchased by The Knot FOB shipping point.
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