Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 12 - No. 6)
In a partnership agreement, which of the following details is essential to include?
The partners' personal bank account details.
The profit and loss sharing ratio.
The color of the partnership's stationery.
The amount of the partnership's insurance policy.
Explanation
The profit and loss sharing ratio is crucial for determining how profits or losses are distributed among partners.
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