College of Administrative and Financial Sciences
Deadline: (End of Week 12) 11/04/ 2020 @ 23:59
Advanced Financial Accounting
Course Code: ACCT 302
Student’s ID Number:
Academic Year: 1440/1441 H
For Instructor’s Use only
Level of Marks:
Journal entries are usually recorded when a transaction place. In this case, the budgets were
juts approved by the city council of Barb City but there is no any single transaction that took place.
The conviction is that the recording of journal entries will not be possible at this point considering that
there were no reported transactions.
Manner of sharing profit- According to the partnership agreement act all profit and losses must be
shared based on the sharing ratio agreed by the partners in the partnership deed. However, the general
rule in the partnership law is that all profit and losses must be shared equally among the partners.
Limitations on withdrawal- Generally there is no limitation on withdrawal but the limitation on
withdrawal in partnership is normally agreed in the partnership deed. Notably, this is based on the
mutual agreement of the partners.
Rights of partners- The partnership agreement act provides the following rights to each partner; first,
each partner has the right to participate in decision mak...
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