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CHAPTER 7 PARTNERHSIP ACCOUNTS

I. PARTNERSHIPS-BASIC PRINCIPLES

Definition: a partnership is two or more individuals jointly carrying on business with a view to making profit.

A, partnership agreement,  which need not necessarily be in written form, will govern the relationships between the partners.  Important matters to be covered include:

-Capital to be introduced by partners

-How profits are shared between partners

-Drawings by partners etc.

Division of Profit:

-Salaries may be a warded to certain partners, for example, those who are more involved.

-Interest on capital may be provided to reward those partners who have invested more into the business.

-The remaining profit may be shared out in any agreed ratio.

All of the above division are not expenses of the business.

Statement of Appropriation of Profit:

Within the financial statements, this information as separate statement after the income statement.

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Chapter 7 Partnership Accounts-part 1

Chapter 7 Partnership Accounts-part 2

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