In a Partnership Business,Jack Has an Ownership of 55% and Teresa

question 21

Multiple Choice

In a partnership business,Jack has an ownership of 55% and Teresa has an ownership of 45%.For developing the business,Jack contributed $7500 and Teresa contributed $2800 on 1 July.Which of the following is true of this scenario?

• A)Individual contribution of $7500 by Jack and $2800 by Teresa will be recorded.
• B)Either the total contribution of $10,300 or the contribution in the ownership ratio will be recorded.
• C)Only the total contribution of $10,300 will be recorded.
• D)55% of Jack's contribution and 45% of Teresa's contribution will be recorded.

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Definitions:

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