Distribution of Profit & Loss – Fill In the Blanks
Written by True Tamplin, BSc, CEPF®
Updated on August 15, 2021
Partnership is an
between two or more persons who combine their assets to carry on business.
The difference between partnership and sole proprietorship is that of
The partnership is formed by a written or
Liability of partners in a partnership business is
In absence of an agreement income sharing ratio between partners is
Salary of a partner .is to be debited to income summary
distribution of income.
Minimum number of partners in partnership business is
whereas maximum is
in banking business and
in ordinary business.
Terms and conditions regarding partnership are combined in
In the absence of an agreement among the partners, rules laid down in
will be apllied.