Tapiwa and Rufaro are in partnership, sharing profits in the ratio 4:1, respectively. They have decided to
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Tapiwa and Rufaro are in partnership, sharing profits in the ratio 4:1, respectively. They have decided to dissolve the partnership. Tapiwa believes that any closing balance in the bank account, after all the assets have been sold and the liabilities pad off, will be shared 80 percent:20 percent. Explain why this is not necessarily true and how the closing balance will be shared.
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Related Book For
Accounting For Cambridge International AS And A Level
ISBN: 9780198399711
1st Edition
Authors: Jacqueline Halls Bryan, Peter Hailstone
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