Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 16 - No. 50)
What are some of the considerations made by a partnership before formation?
Profit-sharing ratio.
Partner's contribution.
Liability of partners.
Goodwill.
Explanation
Partners need to agree on the profit-sharing ratio, contribution from each partner, liability of each partner and to consider goodwill.
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