In the absence of a partnership agreement, the profit between the partners is shared on the basis c Drawings withdrawn by them Expenses incurred by them Losses incurred by them Capital contributed by them

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Production Budget

A budget can be defined as a financial plan designed by an undertaking for a definite period in the future that can contribute towards enhancing the financial success of the business undertaking. It is used to estimate the revenue and expenses. The budget generally takes into account both current and future income and expenses.