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Partnerships

Quiz yourself by thinking what should be in each of the black spaces below before clicking on it to display the answer.
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Question
Answer
show Group of 2-20 people who are in business together with the common aim of making a profit  
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show Account forming part of the financed by section on a balance sheet which records the day to day transactions by the partners  
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show Forms part of the financed by section of the balance sheet and records the capital transaction by the partners  
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Appropriation account   show
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show Interest taken from profit and given to the partners to reward them for leaving their money in the business  
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show Interest taken from the partners' current accounts and added back to the profit to penalise partners if they have taken drawings earlier in the year  
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Profit sharing ratio   show
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show Given to the partners before profits are shared  
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show Provisions of this are to be used if there is no other partnership agreement in place  
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Goodwill   show
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show Used when assets are revalued when there is to be a change in the partnership  
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Drawings   show
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show True  
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Sole traders have limited liability. True or false?   show
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Shareholders in limited companies have limited liability. True or false?   show
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Advantage of partnerships are:   show
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Disadvantages of partnerships are:   show
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Created by: amandacavanagh
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