balances of partnership accounts are: cash 50,000 account payable (70,000) Wall capital (30%) (90,000) Nael capital (30%) 10000 Tamer capital (40) 100,000 Tamer paid 100,000 to cover his deficit, capital balance after that should be O A. Wall 80000, Nael 0, tamer 0 O B. Wall 90000, Nael 0, tamer 0 Oc. Wall 85714, Nael 0, tamer 0
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.
Step by step
Solved in 4 steps
