In the absence of an agreement profit and loss are divided by partners in the ratio of:
A) capital
B) equally
C) time devoted by each partners
D) none of these.
Correct Answer:
Verified
Q10: _ account is prepared to adjust the
Q11: _ account shows the shortage or surplus
Q12: The profit included in surplus or shortage
Q13: The balance of branch adjustment account is
Q14: An ordinary partnership business can have:
A)not more
Q16: In the absence of an agreement, Interest
Q17: Current accounts of the partners should be
Q18: Investment in partnership is made by introducing:
A)cash
B)none
Q19: Any partner who investments in the business
Q20: The written agreement of partnership is called:
A)partnership
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