They have to maintain their accounts also .
There main reasons of maintaining partnership accounts .
- For division of profit or loss from partnership
- 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 .