In the absence of a partnership agreement, how should profits made in the period be allocated amongst the partners?
A) According to hours input to the partnership by each partner
B) It should be apportioned to the partners in proportion to the capital balances at the end of the period.
C) It should be allocated to the partners in proportion to the years of service provided by each partner
D) It should be distributed evenly between the partners
Correct Answer:
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