Partnership Accounting – Fundamentals

///Partnership Accounting - Fundamentals
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4 02, 2016

Interest on Partner’s Capital

Interest on Capital contributed by a partner to the firm is to be allowed only if it is provided in the Partnership Deed.
3 02, 2016

Types of Partners’ Capital Accounts

If partners decide to keep their capitals intact and same throughout the accounting year they prepare Current Accounts in addition to Capital accounts for.............
2 02, 2016

Profit and Loss Appropriation Account

Meaning
Profit and Loss Appropriation Account is a nominal account prepared for the purpose of distributing profits/losses among the partners after making all the adjustments relating to Interest on Capitals, Interest on Drawings, Salary/commission to partners […]

1 02, 2016

Partnership Deed

Partnership deed is a written agreement among the partners containing the terms and conditions of partnership. It must contain the following terms from accounting point of view; otherwise the provisions of Indian Partnership Act 1932 become applicable.
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