If the salary allowances to partners exceed the net income of the partnership, O the salary allowances are no longer allowed. O the difference/balance is usually distributed based on the agreed profit and loss ratio. O the difference must be distributed equally. O the partnership must be terminated.
If the salary allowances to partners exceed the net income of the partnership, O the salary allowances are no longer allowed. O the difference/balance is usually distributed based on the agreed profit and loss ratio. O the difference must be distributed equally. O the partnership must be terminated.
Chapter15: Partnership Accounting
Section: Chapter Questions
Problem 8MC: A well written partnership agreement should include each of the following except ________. A. how to...
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