3- The objective of preparation of income statement of partnership is: a. To show the ratio of capital of partners b. To show the financial position of business c. To show the income and expenses of the partnership firm d. To show how net profit has been distributed among partners
3- The objective of preparation of income statement of partnership is: a. To show the ratio of capital of partners b. To show the financial position of business c. To show the income and expenses of the partnership firm d. To show how net profit has been distributed among partners
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 2MC: Any assets invested by a particular partner in a partnership ________. A. do not become a...
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3- The objective of preparation of income statement of partnership is:
a.
To show the ratio of capital of partners
b.
To show the financial position of business
c.
To show the income and expenses of the partnership firm
d.
To show how net profit has been distributed among partners
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