Under the partnership agreement, Rina is to be allowed a bonus of 20% of net income after bonus and the remainder is to be divided as follows; 35% each to Tina and Unna, and 30% to Vina. If the partnership's income is P318,000, Tina's share would b
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.
Under the partnership agreement, Rina is to be allowed a bonus of 20% of net income after bonus and the remainder is to be divided as follows; 35% each to Tina and Unna, and 30% to Vina. If the partnership's income is P318,000, Tina's share would be
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