In the absence of a specific provision in a general partnership agreement,partnership losses will be allocated:
A)equally among the partners irrespective of the allocation of partnership profits.
B)in the same proportion that profits are shared.
C)in proportion to the partners' capital contributions.
D)in proportion to the partners' capital contributions and outstanding loan balances.

Question

Quizplus · Accepted Answer

When the partnership agreement is silent on how to share losses,losses are shared in the same proportion that profits are shared.

In the Absence of a Specific Provision in a General