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interest Corpttal 'business in pars 2.006. p b. Nopart egueement was made u weillteh. They Contributed gn

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question

interest
Corpttal 'business in
pars
2.006.
p b. Nopart egueement was made u
weillteh. They
Contributed
gn

Expert Solution

Step 1

First of all, it is important to understand that whenever a partnership firm is formed, both the partners must form a partnership deed for smooth running of their business. In the above case, Raju and Jai did not make any agreement - oral or written for their partnership business.

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