How can Sleeping Partner Audit the Accounts of His Partnership

Are you sleeping partner? Are you investing your hard earning money in the business of your partnership where your active partners buying, sells and manage your all business. All they agree to give the share of profit in your partnership.

Great, you are in the line of earning passive income. Money will work for you.


Are you fearing that you will loss money in it if there is any cheating or fraud by active partner or loss due to thieving. Are you taking future financial stress if cheating or mis-management by active partners will happen?

If this above answer is yes, it means, you have zero in the field of Accounting, we recommend to buy our  Accounting Course ebook and Audit ebook for overcome above fear.


 Following content will teach you the simple steps to audit the accounts of your partnership. 



1st Step : Check the Cost Price of Material Bought

If you are sleeping partner, you must appoint your independent employee who will go to your active partners to check at what rate they bought raw material for sale or production.

Reason of This Audit 

This audit is very necessary because if you do not do this audit, It is very easy to increase the cost price and eat your money by cheating in it.

For example, Material's real cost is Rs. 1,00,000 and it is easy to show in books Rs. 1,20,000. It means, they have eaten your Rs. 20,000

Never never and never do risky business. Save this Rs. 20,000 by simple step.

Stop to laziness. be active partner  from sleeping partner if you want to save your investment from loss.

Or

Appoint Employee. Give him salary for this work.


2nd Step : Record All Quantity, rates and Cost of Bought Material By You

Again, you say, you are sleeping partner, how can you record bought material. Yes, you are sleeping partner but you can appoint the employee who will check when your active partner bought the material and same time, he should record the quantity, rates and cost of bought material with its photo in any mobile stock manager app.

Reason of This Audit

Actually this is accounting not audit but at same time, it is sub step to achieve your goal of audit. Goal of audit is to bring accuracy in each record. If you or your employee is not record the quantity, rate, cost of material with photo, it is very easy to show higher cost or rate or less quantity with high rate. With this, your investment will loss in future. So, save today by record all these things physically.


3rd Step : Check Accurate Quantity of Unsold Material 

In this step, your employee will to the shop of your partnership personally at the end of every month. They will see the physical quantity and match it with its captured photo and also record in his stock manager mobile above or in laptop. If there is 1000 Quantity, your employee must count all unsold material and multiply with its cost and find the total cost of unsold material. It will your real closing stock.

Reason of This Audit

This is great step to stop the cheating by your active partners. They will tell you less sale and show more unsold material. With this, extra sale money, they will eat and your material will decrease day by day and they will say that your material steal by other cheaters or any other excuses. But if you have employee to check the unsold material end of every month, we can stop this cheating.





4th Step : To Count the Cash of Sold Material

You must appoint the employee who will count the cash which came from sale by your active partners. Count, count and count and record and deduct cost of sale and calculate your own share of profit in it. Take it and go home.

Reason of this Audit

You active partner will say, they have big sale and big cash but they reinvest less and eat rest every month. With this, at the end, there is no material and no cash and you will become failure of your partnership. Save yourself. Never trust on active partners. Never be fool. Always audit everything and be expert.

Learn it in My Hand Written Mind Map 



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Accounting Education: How can Sleeping Partner Audit the Accounts of His Partnership
How can Sleeping Partner Audit the Accounts of His Partnership
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