Answered: oger fines and amor invest cash and…

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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roger fines and amor invest cash and noncash properties in the partnership. assuming roger invested cash and noncash properties and fines contributed her profession as industrial partner with 50% share in profit. how much cash amor should be contributed if the P & L ratio is 20% , 50% and 30% perspectively if the agreed capital is 500,000.

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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