Test yourself

Complete the clause from a Partnership Agreement by choosing the correct word.

If any person is a Partner for only part of a Partnership Year, his share of any Profit or Loss for that Partnership Year will be (1 p.) as if he had been a Partner for the whole of that Partnership Year, but the share to which he would otherwise have been (1 p.) will then be (1 p.) by applying a (1 p.) , where the denominator is the number of days in the Partnership Year, and the (1 p.) is the number of days in that Partnership Year during which the person was not a Partner.