When two or more sole proprietors form a partnership, their respectivebalance sheets serve as the basis for the opening entries for theinvestments of such partners.
When two or more sole proprietors form a partnership, their respectivebalance sheets serve as the basis for the opening entries for theinvestments of such partners.
When two or more sole proprietors form a partnership, their respectivebalance sheets serve as the basis for the opening entries for theinvestments of such partners.
When two or more sole proprietors form a partnership, their respective balance sheets serve as the basis for the opening entries for the investments of such partners.
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.
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