Rory and Tony have traded as partners for a number of years, Their statement of financial position as at 30 June 2015 showS; Capital accounts Rory Tony 45 000 37 000 82,000 During the Current accoOunts 19,214 Rory 8,632 Tony 27. 846 109.846 year the business made a profit of $41,320 the pariners fook draMÄngs oi s12. $25,000 What was the net asset tolal as at 1 July 2014? rrent assets were revalued upwards by A. $152,166 B. $67.526 C. $92 526 $127 166
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.
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