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.
The second cash payment to any partner/s under the program of priorities shall be made thus?
![17. The second cash payment to any partner/s under the program of
priorities shall be made thus:
17. JOI partnership is undergoing liquidation. All
liabilities have been paid and the remaining
assets are being realized gradually. The
equity of the partners is as follows:
Loans to (from) Profit and
Capital balances Partnership Loss Ratio
Jay
P24,000
P6,000
Oyi
36,000
la
60,000
(10,000)
The second cash payment to any partner/s
under the program of priorities shall be
made thus:
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