
Introduction:
Partnership agreement is a written deed between partners which state the purpose of of business for which the partnership is established and the principal place of business , stating the ca[ital contributed by each partner , profit sharing ration and the rights & responsibilities of each partners and others terms and conditions of the mutual understanding.
Requirements: 1
To Define/Determine:
What is the Purpose of partnership agreement.
Requirements: 2
To Define/Determine:
If the partnership agreement does not state the profit & loss sharing ration, how will profits or losses be shared?
Requirements: 3
To Define/Determine:
Journalizing the contributions of the two partners.

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Chapter 12 Solutions
Horngren's Accounting (11th Edition)
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