Day and Night formed an accounting partnership in 2014. Capital transactions for Day and Night during...

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Day and Night formed an accounting partnership in 2014. Capital transactions for Day and Night during 2014 are as follows: Tr Day and Night failed to provide a profit-sharing arrangement in the articles of partnership and fail to compromise on an agre

business accounting

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Answer 1

Answer #1

In absence of any Profit sharing agreement, uniform partnership act will be applicable and hence profit will be shared equally and no compensation will be paid.

Day = $69000/2 = $34500

Night = $34500

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Answer 2

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