Rod and Dall are partners in R&D LLP. The partnership reports profit of $75,000. There is no

Question:

Rod and Dall are partners in R&D LLP. The reports profit of $75,000. There is no partner- ship agreement.
(a) Prepare the entry to distribute the profit between the partners.
(b) Prepare the entry to distribute the profit assuming it is a $75,000 net loss.
Partnership
A legal form of business operation between two or more individuals who share management and profits. A Written agreement between two or more individuals who join as partners to form and carry on a for-profit business. Among other things, it states...