THE ACCOUNT WHERE THE PROFIT ARE DISTRIBUTED TO THE PARTNER IN THEIR PROFIT SHARING RATIO IN PARTNERSHIP IS
A. appropriation account ✓ B. profit and loss account C. balance sheet D. trading account The answer to the question is: A. appropriation account In a partnership, the account where the profits are distributed to the partners in their profit-sharing ratio is known as…
THE PROVISIONS IN THE PARTNERSHIP DEEDS
A partnership business may be established without any formality although the partners have certain unavoidable obligations to third parties, they may make such agreement between themselves in respect of the internal management of the firm. It is accordingly usual for…
DISSOLUTION OF PARTNERSHIP
Dissolution of partnership is the coming to an end of a partnership agreement. It is the breakup of a partnership business. A partnership may be automatically dissolved due to the following factors: Expiration of Agreement: Where a partnership is entered…
THE PARTNERSHIP
A partnership may be defined as a type of business organisation in which two to twenty persons agree legally to set up and manage a business outfit with the sole aim of making profit. Partnership is usually formed by an…
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