In which order are partnership assets distributed to the partners? Group of answer choices Profits, capital balances, loans Capital balances, loans, profits Loans, profits, capital balances Loans, capital balances, profits
In which order are partnership assets distributed to the partners? Group of answer choices Profits, capital balances, loans Capital balances, loans, profits Loans, profits, capital balances Loans, capital balances, profits
In which order are partnership assets distributed to the partners? Group of answer choices Profits, capital balances, loans Capital balances, loans, profits Loans, profits, capital balances Loans, capital balances, profits
In which order are partnership assets distributed to the partners?
Group of answer choices
Profits, capital balances, loans
Capital balances, loans, profits
Loans, profits, capital balances
Loans, capital balances, profits
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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