Question: Research examples of different methods that partnerships can use to allocate net income to the partners, and research the topics of partnership dissolution or partnership

Research examples of different methods that partnerships can use to allocate net income to the partners, and research the topics of partnership dissolution or partnership liquidation
When you've completed your research, provide at least one example of how income may be allocated among partners. Next, include the journal entries you believe would be needed to allocate the partnership income to each partner's capital account.
Finally, summarize what you have found regarding how to account for the dissolution or liquidation of a partnership.

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First of all let us understand the meaning of partnership It is an association of two or more persons who own and manage a business for profit Partner... View full answer

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