Distribution of Profit & Loss: Fill In the Blanks
1. A partnership is an between two or more persons who combine their assets to carry on a business.
The difference between a partnership and a sole proprietorship is that of
A partnership is formed by a written or
Liability of partners in a partnership business is
In the absence of an agreement, the income sharing ratio between partners is
The salary of a partner is to be debited to the income summary
the distribution of income.
The minimum number of partners in partnership business is
whereas the maximum is
in a banking business and
in an ordinary business.
Terms and conditions regarding partnership are combined in the
In the absence of an agreement among the partners, rules laid down in the
will be applied.
About the Author
True Tamplin, BSc, CEPF®
True Tamplin is a published author, public speaker, CEO of UpDigital, and founder of Finance Strategists.
True is a Certified Educator in Personal Finance (CEPF®), contributes to his financial education site, Finance Strategists, and has spoken to various financial communities such as the CFA Institute, as well as university students like his Alma mater, Biola University, where he received a bachelor of science in business and data analytics.