1. What are the procedures followed in closing the books of the partnership at the end of an accounting period?

2. What are the factors to be considered in adopting a particular plan for sharing profits among partners?

3. What are the general rules for dividing profits among partners? For dividing losses?

4. Does an industrial partner share in both profits and losses?

5. Why are salary allowances to partners debited to Income Summary instead of Salary Expense? Is there an instance when such salary allowances are debited to the Salary Expense account? If yes, what is that instance?