Answered: So that he will not be delayed in…

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

Chapter15: Partnership Accounting

Section: Chapter Questions

Problem 5MC: Chani contributes equipment to a partnership that she purchased 2 years ago for $10,000. The current...

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D was tasked to buy all the coffee beans supplies for the partnership. The accountant of the partnership gave D P100,000.00. When D was about to pay the coffee beans, D found out that he was lacking P50,000.00. So that he will not be delayed in delivering the coffee beans, D gave an additional P50,000.00. What right can D avail to get back his P50,000.00?

He has the remedy for accounting

He has the remedy for return of the capital

He has the remedy to file for reimbursement

He has the remedy for information

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement 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, and drawings of a partner.

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