If a partner with a debit capital balance during liquidation is solvent, the * a. Partner must invest additional assets in the partnership b. Partner’s debit balance will be allocated to the other partners c. Other partners will give the partner enough cash to absorb the debit balance d. Partnership will loan the partner enough cash to absorb the debit balance
If a partner with a debit capital balance during liquidation is solvent, the * a. Partner must invest additional assets in the partnership b. Partner’s debit balance will be allocated to the other partners c. Other partners will give the partner enough cash to absorb the debit balance d. Partnership will loan the partner enough cash to absorb the debit balance
If a partner with a debit capital balance during liquidation is solvent, the * a. Partner must invest additional assets in the partnership b. Partner’s debit balance will be allocated to the other partners c. Other partners will give the partner enough cash to absorb the debit balance d. Partnership will loan the partner enough cash to absorb the debit balance
If a partner with a debit capital balance during liquidation is solvent, the
*
a. Partner must invest additional assets in the partnership
b. Partner’s debit balance will be allocated to the other partners
c. Other partners will give the partner enough cash to absorb the debit balance
d. Partnership will loan the partner enough cash to absorb the debit balance
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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