ilities Hungria, Capital Blanche Capital P1,000,000= P250,000+ P400,000+ P350,000 When the partners agreed to liquidate the business, the assets were sold for P800,000 and the liabilities were paid. Hungria and Blanche share profits a
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.
On Dec. 31, 2019, The Hungria and Blanche
Assets Liabilities Hungria, Capital Blanche Capital
P1,000,000= P250,000+ P400,000+ P350,000
When the partners agreed to liquidate the business, the assets were sold for P800,000 and the liabilities were paid. Hungria and Blanche share
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