Chapter 12, Problem 6BE

To determine

Partnership: An association of two or more than two parties with the objective of sharing profit and losses is called Partnership. It is one form of business organization where risk is shared among two or more partners for their mutual benefit. The liability of partners is unlimited in partnership. Partnership can be easily formed because the process is simples and there less complexities in legal rules.

To indicate: Division of cash among partners at the time of liquidation.