dineshbakshi.com

  • Increase font size
  • Default font size
  • Decrease font size
You are here: IGCSE Accounting Final accounts Revision Notes Accounting for Partnership business

Want to find out more ? Type here

download-mindmaptry-crosswordtry-gapfillwatch-presentation

Accounting for Partnership business

E-mail Print
Article Index
Accounting for Partnership business
Partnership Agreement
Partnership Accounts
Accounting Treatment
All Pages

Capital account

Each partner in the business has a Capital account. It carries the record of initial capital and any additional capital contributed by the partner. It is fixed and is not affected by any entry other than contribution of capital.

Current account

This account records the share of profits and losses and drawing of a partner. Credit balances in the Current Accounts at the end of the accounting year represents undrawn profits whereas debit balance indicates that the partner has overdrawn from his account and owes to the firm.

Profit and Loss Appropriation Account

This account is prepared to show the division of profit or loss among the partners

Balance Sheet

Balance Sheet of a Partnership firm carries the following information:

  • Capital Account of all the partners
  • Current Account of all the partners



Facebook Comments

Share on Myspace

Content of this website is protected by copyright laws. Please refer to our terms of use

Download our Android app