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What will be the basis for the distribution of profits

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Reference no: EM132781341

Problem 1. What is profit? What is loss?

Problem 2. Explain the relationship of profit and loss to each partner's capital in the partnership.

Problem 3. If there is no partnership agreement as to the division of profits and losses, what will be the basis for the distribution of profits or losses?

Reference no: EM132781341

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