The partnership agreement of lawyers Jenny Nelmida and Fei Abella provides for a two-thirds/one-third sharing of profit

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The partnership agreement of lawyers Jenny Nelmida and Fei Abella provides for a two-thirds/one-third sharing of profit but says nothing about losses. The first year of partnership operations resulted in a loss and Nelmida argues that the loss should be shared equally because the partnership agreement said nothing about sharing losses. What do you think?

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Fundamental Accounting Principles Volume 2

ISBN: 9781260881332

17th Canadian Edition

Authors: Kermit D. Larson, Heidi Dieckmann, John Harris

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