College Accounting, Chapters 1-27
College Accounting, Chapters 1-27
23rd Edition
ISBN: 9781337794756
Author: HEINTZ, James A.
Publisher: Cengage Learning,
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Chapter 19, Problem 5RQ
To determine

State the way in which the profits and losses are shared in the absence of any agreement and state the true aspect with respect to losses if partnership agreement specifies profits that are to be shared, but there is no agreement as to how losses are to be shared.

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Questions: What are the rules in distributing profits and losses? Is it valid to exclude a partner in the distribution of losses? Why? Why not?
What is the legal provision of Profit sharing ratio if nothing is given in ‘Partnership Deed”?
If the income of a partnership is not sufficient enough to satisfy all of the provisions of the partnership’s profit-sharing agreement, how should this deficiency be handled?
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