ily 31, 2015, the dale the partners agreed to liquidate their 3D Partnership Cash : 20,000 Accounts Receivable 25,000 Allowance for Bad Debts 5,000 Merchandise Inventory 60,000 Furniture & Equipment 50,000 Accumulated Depreciation 5,000
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.
4. The sale resulted in a capital deficiency for
a. Doods
b. Dino
c. Dong
d. no one of the partners
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