Answered: Jorge, Jamul and Jihad are partners in…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Jorge, Jamul and Jihad are partners in a Limited partnership. Jorge and Jamil are general partners, while Jihad is a limited partner share capital balance of $50,000, $45,000and $20,000 respectively. Sharing the profits and losses equally, and they liquidated the firm, Realization Account was 90000 debit balance. What is Jorge's share from the firm cash?

Definition Definition Arrangement between two or more people whereby they agree to manage business operations and share its profits and losses in an agreed ratio. The agreement drafted and signed by the partners of the firm is termed as a partnership deed and contains various important clauses agreed between the partners such as profit/loss sharing, interest on capital, remuneration allocation of each partner, and drawings of a partner.

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