the amount of liabilities is 165,000 and the percentage of owner’s claim in the total partnership’s assets is 45%, the partnership total assets would be A. 200,000 B. 300,000 C. 366,667 D. 255,750
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.
If the amount of liabilities is 165,000 and the percentage of owner’s claim in the total
partnership’s assets is 45%, the partnership total assets would be
A. 200,000
B. 300,000
C. 366,667
D. 255,750
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