Assume That the M & L Partnership Agreement Gave March

True/False

Assume that the M & L partnership agreement gave March 60% and Ludwig 40% of partnership income and losses. The partnership lost $27,000 in the current period. This implies that March's share of the loss equals $16,200, and Ludwig's share equals $10,800.
March's Share of Loss = Net Loss * Allocation Percentage
March's Share of Loss = $27,000 * 60% = $16,200
Ludwig's Share of Loss = Net Loss * Allocation Percentage
Ludwig's Share of Loss = $27,000 * 40% = $10,800