Quèstion 1 A partnership agreement should include each of the following except rights and duties of partners. Chart of accounts for the partnership. Basis for sharing net income or loss names and capital contributions of partners.

Quèstion 1 A partnership agreement should include each of the following except rights and duties of partners. Chart of accounts for the partnership. Basis for sharing net income or loss names and capital contributions of partners.

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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Concept explainers

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.

Question

Quèstion 1
A partnership agreement should include each of the following except
rights and duties of partners.
Chart of accounts for the partnership.
Basis for sharing net income or loss
names and capital contributions of partners.

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