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Distribution of Profit & Loss – Fill In the Blanks
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Written by True Tamplin, BSc, CEPF®
Updated on August 15, 2021
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1.
Partnership is an
between two or more persons who combine their assets to carry on business.
2.
The difference between partnership and sole proprietorship is that of
.
3.
The partnership is formed by a written or
agreement.
4.
Liability of partners in a partnership business is
.
5.
In absence of an agreement income sharing ratio between partners is
.
6.
Salary of a partner .is to be debited to income summary
distribution of income.
7.
Minimum number of partners in partnership business is
whereas maximum is
in banking business and
in ordinary business.
8.
Terms and conditions regarding partnership are combined in
.
9.
In the absence of an agreement among the partners, rules laid down in
will be apllied.