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what are the similiarities between basis period use for the company purpose and for the individual/ partnership purpose? Also portray an example for every similarities.

Principles of Accounting Volume 1

19th Edition

ISBN:9781947172685

Author:OpenStax

Publisher:OpenStax

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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Question

what are the similiarities between basis period use for the company purpose and for the individual/ partnership purpose? Also portray an example for every similarities.

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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