Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 25 - No. 18)
The partnership agreement usually includes provisions for:
Sharing of profit and loss
Responsibilities of each partner
Management of business activities
The amount of capital each partner invests.
Explanation
Partnership agreements outline all the major terms and conditions of the partnership, including how profits and losses are shared, the responsibilities of each partner, and the initial capital contribution.
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