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:

Q: On December 31, 2020, the partners of A, B & C LLP, who shared net income and losses in the ratio of…

A: In the partnership liquidation, the net realized assets from the assets is  to be paid in preference…

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.