thể operation of their business because of the huge amount of due to Covid-19. Kong, Nang and Dee share profits and losses in the ratio 4:33, respectively. All partners are personally solvent, and Nang mership as of December 31, 2022 follows: Liabilities & Partners' Equity 256,000 Accounts Payable 900,000 ats Receivable Due to T. Nang 60,000 30,000 For Bad Debts Due to C. Dee (6,000) 20,000 om F. Kong F. Kong, Capital 20,000 140,000 nent T Nang, Capital 101,200 1,200,000 nulated Depreciation, Equipment C. Dee (200,000) 138,800 Assets Total Liabilities & Partner's Equity 1,330,000 1,330,000 stomers' accounts are no longer collectible, and the equipment were sold at a loss of P400,000. Ss on realization of assets charged to Kong. Nang and Dee, respectively are
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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