If the partnership agreement specifies salaries to partners, interest on partners' capital, and the remainder...
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Accounting
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, (Points : 1) 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.
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