Across
- 4. The term for the person who invests capital in a partnership firm
- 5. A/C A separate account used to track the capital contributions and withdrawals of each partner
- 7. Deed An agreement that outlines the terms and conditions of a partnership
- 8. liability A partnership in which partners have limited liability for the firms debts
Down
- 1. Sheet A financial statement that shows the financial position of a partnership firm at a specific point in time
- 2. The process of distributing partnership assets and setting it's liabilities upon dissolution
- 3. of changes in equity A financial statement that summarizes the changes in partner's capital accounts over a specific period
- 6. sharing The division of partnership profits among partners based on their agreed upon sharing ratio