In case the partnership makes profit, how will an industrial partner be given a share? A. what is just equitable B. equally C. arbitrarily D. proportion to capital contribution 9. Which of the following is not considered a legitimate expense of a partnership? A. Supplies used in the partnership’s office B. Depreciation on assets contributed to the partnership by partners C. Salaries for management hired to run the business D. Interest paid to partners base
Partnership Accounting
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings, admission of a new partner, etc.
Partner Admission and Withdrawal
A partnership is a kind of arrangement between two or more people whereby they agree to manage the business operations and share its profits and losses in an agreed ratio between them. The agreement that is drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, drawings of a partner, etc.
8. In case the partnership makes profit, how will an industrial partner be given a share?
A. what is just equitable
B. equally
C. arbitrarily
D. proportion to capital contribution
9. Which of the following is not considered a legitimate expense of a partnership?
A. Supplies used in the partnership’s office
B.
C. Salaries for management hired to run the business
D. Interest paid to partners based on their capital balances
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