If the partnership agreement specifies salaries to partners


If the partnership agreement specifies salaries to partners, interest on partners' capital, and the remainder on a fixed ratio, and partnership net income is not sufficient to cover both salaries and interest,

only salaries are allocated to the partners.

only interest is allocated to the partners.

the entire net income is shared on a fixed ratio.

both salaries and interest are allocated to the partners.

Request for Solution File

Ask an Expert for Answer!!
Financial Accounting: If the partnership agreement specifies salaries to partners
Reference No:- TGS01104492

Expected delivery within 24 Hours