ns, Sam and Mia are partners who share profits and losses in the ratio of Sam and Mia respectively. Position of the partnership as of December 31, 2017 is given as follows: 35:25:40 to Hans, The statement of Financial Assets Liabilities and Equity P 120,000 Liabilities 1,650,000 Cash P1,050,000 Noncash Assets 41,400 257,700 Loan from Hans Hans, Capital Sam, Capital Mia, Capital 90,000 330,900 On January 10, 2018, the partners decided to liquidate. of liquidation
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.
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