A, B and C collected money among themselves to purchase lotto ticket for the purpose of dividing the winnings among themselves. Is there a partnership formed among them? A. No, because there is no contribution of money, property or services among them. B. Yes, because there is contribution of money among the parties with the intention of dividing the winnings among them. C. No, because their agreement was not put in writing. D. Yes, because the profit is divided equally among them.

A, B and C collected money among themselves to purchase lotto ticket for the purpose of dividing the winnings among themselves. Is there a partnership formed among them? A. No, because there is no contribution of money, property or services among them. B. Yes, because there is contribution of money among the parties with the intention of dividing the winnings among them. C. No, because their agreement was not put in writing. D. Yes, because the profit is divided equally among them.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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