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WAEC Financial Accounting 2007 Question 32

Question 32

Partnership Accounts

In the absence of partnership agreement, profits and losses are shared

  1. A.in the ratio of capitals
  2. B.equally
  3. C.in the ratio of drawings
  4. D.according to services rendered.
Show the answer and explanation

Answer: B (equally)

Explanation

The Partnership Act says profits are shared equally.