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How is the profit shared among partners if no agreement exists?
Practice Questions
Q1
How is the profit shared among partners if no agreement exists?
Equally
In the ratio of their capital contributions
In the ratio of their drawings
As per the discretion of the managing partner
Questions & Step-by-Step Solutions
How is the profit shared among partners if no agreement exists?
Steps
Concepts
Step 1: Identify that there is no partnership agreement in place.
Step 2: Understand that without an agreement, the default rule applies.
Step 3: Know that the default rule states that profits are shared equally.
Step 4: Confirm that each partner will receive the same amount of profit.
Profit Sharing in Partnerships
– In the absence of a formal agreement, partners typically share profits equally.
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