In the installment liquidation of a partnership, each installment of cash is distributed: a) As if no more cash would be forthcoming b) In the partners’ profit and loss ratio c) In the ratio of partner’s capital account balances d) As agreed to by the partners
In the installment liquidation of a partnership, each installment of cash is distributed: a) As if no more cash would be forthcoming b) In the partners’ profit and loss ratio c) In the ratio of partner’s capital account balances d) As agreed to by the partners
In the installment liquidation of a partnership, each installment of cash is distributed: a) As if no more cash would be forthcoming b) In the partners’ profit and loss ratio c) In the ratio of partner’s capital account balances d) As agreed to by the partners
In the installment liquidation of a partnership, each installment of cash is distributed:
a) As if no more cash would be forthcoming
b) In the partners’ profit and loss ratio
c) In the ratio of partner’s capital account balances
d) As agreed to by the partners
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
