the partnership of R and N was formed on march 31, 2021. on this date, R invested p50,000 cash and office equipment valued at p30,000. N invested p70,000 cash, merchandise valued at p100,000, and furniture valued at p100,000 subject to a notes payable of p50,000 which the partnership did not assume. the partnership provides that R and N shares profits and losses 25:75 respectively. the agreement further provides that the partners should initially have an equal interest in the partnership capital. the total capital of the partnership after the formation is:
the partnership of R and N was formed on march 31, 2021. on this date, R invested p50,000 cash and office equipment valued at p30,000. N invested p70,000 cash, merchandise valued at p100,000, and furniture valued at p100,000 subject to a notes payable of p50,000 which the partnership did not assume. the partnership provides that R and N shares profits and losses 25:75 respectively. the agreement further provides that the partners should initially have an equal interest in the partnership capital. the total capital of the partnership after the formation is:
the partnership of R and N was formed on march 31, 2021. on this date, R invested p50,000 cash and office equipment valued at p30,000. N invested p70,000 cash, merchandise valued at p100,000, and furniture valued at p100,000 subject to a notes payable of p50,000 which the partnership did not assume. the partnership provides that R and N shares profits and losses 25:75 respectively. the agreement further provides that the partners should initially have an equal interest in the partnership capital. the total capital of the partnership after the formation is:
the partnership of R and N was formed on march 31, 2021. on this date, R invested p50,000 cash and office equipment valued at p30,000. N invested p70,000 cash, merchandise valued at p100,000, and furniture valued at p100,000 subject to a notes payable of p50,000 which the partnership did not assume. the partnership provides that R and N shares profits and losses 25:75 respectively. the agreement further provides that the partners should initially have an equal interest in the partnership capital.
the total capital of the partnership after the formation is:
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.
Expert Solution
This question has been solved!
Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.
Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.
