Which of the following will increase the current assets of a partnership at the end of a financial year? O A. Insurance premium paid for the next financial year; A financial asset that is due to mature in the next financial year; Increase in provision for bad debts O B. Rent income owed for the current financial year; Insurance premium paid for the next financial year; Account of a debtor written off O C. Rent income owed for the current financial year; Insurance premium paid for the next financial year; Commission income received in advance O D. Rent income owed for the current financial year; Insurance premium paid for the next financial year, A financial asset that is due to
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.
Which of the following will increase the current assets of a
O A. Insurance premium paid for the next financial year; A financial asset that is due to mature in the next financial year; Increase in provision for
O B. Rent income owed for the current financial year; Insurance premium paid for the next financial year; Account of a debtor written off
O C. Rent income owed for the current financial year; Insurance premium paid for the next financial year; Commission income received in advance
O D. Rent income owed for the current financial year; Insurance premium paid for the next financial year, A financial asset that is due to
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