Question

(iii) Receipts and Payment account shows opening
and closing
cash balances. (True/False)
(iv) In the absence of an agreement, Profit and losses divided by the partners in the ratio of :
a) Equally
b) Capital
c) Time devoted by each partner
d) None of the above​

Answer 1

Answer:

true receipt and payment a/c shows opening and closing cash balance

equally distributed in absence of agreement