Summarize the situations in which partnership allocations are based on (a) the profit-and-loss ratio, and (b) the

Question:

Summarize the situations in which allocations are based on (a) the profit-and-loss ratio, and (b) the partners' Capital balances.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...