ADVANCED ACCOUNTING
ADVANCED ACCOUNTING
12th Edition
ISBN: 9780357671221
Author: FISCHER
Publisher: CENGAGE L
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Chapter 13, Problem 13.1P
To determine

Concept Introduction:

People start their own business and select the form of organisation depend upon their need and kind of their business. Partnership is a one form of organisation. The allocation of profit and loss between the partners are based on profit sharing ratio given in the partnership deed and if no priority system followed then profit and loss will be divided equally.

The statement for allocation of income to the partners.

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