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In a partnership, how is the profit-sharing ratio determined?
In a partnership, how is the profit-sharing ratio determined?
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Practice Questions
1 question
Q1
In a partnership, how is the profit-sharing ratio determined?
Equally among all partners
Based on capital contribution
As per partnership agreement
By mutual consent only
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The profit-sharing ratio is determined as per the partnership agreement made by the partners.
Questions & Step-by-step Solutions
1 item
Q
Q: In a partnership, how is the profit-sharing ratio determined?
Solution:
The profit-sharing ratio is determined as per the partnership agreement made by the partners.
Steps: 4
Show Steps
Step 1: Partners discuss how they want to share profits.
Step 2: They create a partnership agreement that outlines the profit-sharing ratio.
Step 3: The ratio can be equal or based on each partner's investment or contribution.
Step 4: All partners must agree to the terms in the partnership agreement.
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