Given a binary operation denoted by “*”, where a * b is defined as 3a^b + 5, what is the result of 5 * 2?

Explanation

Partnership accounts: capital accounts (fixed – original investment and adjustments), current accounts (fluctuating – share of profit, drawings, interest). Profit shared according to partnership agreement.

Appropriation account distributes net profit: first deduct interest on capital, salaries to partners, then divide remaining profit in profit-sharing ratio. Partners may have different ratios.

Partner changes (admission, retirement, death) require: asset revaluation, goodwill adjustment, and capital account adjustments. New partner usually pays for share of existing goodwill.