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Partnership accounting basics

In the partnership accounting , all the final accounts are same as sole trade business final accounts . But main difference in these accounts are that In partner ship accounting , we make one extra account that is called profit and loss appropriation account which is used for calculating net share of profit or loss of different partner of a firm.

  • This account is opened with credit balance of net profit ,

  • In the debit side , we show interest on capital , salary and commission of partners and

  • in credit side we shows interest on drawing , after adjusting these items , we transfer net profit to partners capital accounts in their profit sharing ratio

  • In Absence of any partner ship deed Partner will divide profit or loss equally

  • No interest on capital is given

  • No interest on drawing is given

  • No salary to any partner Interest on loan given by any partner is 6% annual.

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Accounting Education: Partnership accounting basics
Partnership accounting basics
Accounting Education
http://www.svtuition.org/2008/07/partnership-accounting-basics.html
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