A, B and C collected money among themselves to purchase lotto ticket for the purpose of dividing the winnings among themselves. Is there a partnership formed among them? A. No, because there is no contribution of money, property or services among them. B. Yes, because there is contribution of money among the parties with the intention of dividing the winnings among them. C. No, because their agreement was not put in writing. D. Yes, because the profit is divided equally among them.
A, B and C collected money among themselves to purchase lotto ticket for the purpose of dividing the winnings among themselves. Is there a partnership formed among them? A. No, because there is no contribution of money, property or services among them. B. Yes, because there is contribution of money among the parties with the intention of dividing the winnings among them. C. No, because their agreement was not put in writing. D. Yes, because the profit is divided equally among them.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A, B and C collected money among themselves to purchase lotto ticket for the purpose of dividing the winnings among themselves. Is there a partnership formed among them?
A. No, because there is no contribution of money, property or services among them.
B. Yes, because there is contribution of money among the parties with the intention of dividing the winnings among them.
C. No, because their agreement was not put in writing.
D. Yes, because the profit is divided equally among them.
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