Kim, Tak and Gu are partners in the KIMTAKGU partnership Tak, the general partner, contributed PI00,000, Gu, a limited partner, contributed P150,000 and Kim, a purely industrial partner The partnership operations commenced on July 1, 20x1 From the period July 1 to end of the calendar year accounting period December 31, 20x1; the partnership incurred a loss of P30,000 During the calendar year 20x2, the business earned a profit of P240,000 So the total profit for the last two calendar Year was only P210,000.
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.
This topic is about Partnership; Distribution of
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