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Partnership and its Accounting

Partnership is association of two and more persons for getting business objectives . They make partnership deed in written form and they register their partnership in Registrar of Partnership firms . The liability of partnership is unlimited . It means if partnership firm is unable to repay the loan , then personal assets of partners can be used for repayment of loan of partnership. They have to maintain their accounts also . 



  There main reasons of maintaining partnership accounts .
  1. For division of profit or loss from partnership
  2. for division of properties in case of dissolution of partnership

In partnership accounts you must open profit and loss appropriation account . It is accounts in which accountant can adjust salary , interest on capital and interest on drawing and also new division of profit or loss . So it is necessary to make this account . At the time of admission , partnership accounts can be change .

Because Capital accounts will change because , old partner sacrify for new partner so it is the duty to new partner to give some part of goodwill in cash of any other way . So that other partner can credit it in their capital accounts .



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Accounting Education: Partnership and its Accounting
Partnership and its Accounting
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Accounting Education
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