In the absence of an agreement profit and loss are divided by partners in the ratio of:

Related MCQs

• The stock reserve for unrealised profit will be ________ to the H.O profit & Loss A/C
• The agreement among partners which set out the terms on which they had agreed to form a partnership is called:
• In the absence of an agreement, Interest on loan advanced by the partner to the firm is allowed at the rate of:
• An incoming partner pays his share of goodwill in cash, and profit sharing ration of old partner is changed, Goodwill be distributed among old partners:
• Loss on realization is distributed among partners:
• Old profit sharing ratio minus new profit sharing ration is equal to:
• Profit and loss account is a
• In profit and loss account, if credit is more than the debit, the difference is
• Profit and loss is calculated at the stage of
• In final account system, Branch Trading and Profit & Loss A/c is prepared at ________