Special Aspects Of Partnership Accounts

Special Aspects Of Partnership Accounts:

The final accounts of a partnership firm are prepared following the same method as in the sole proprietorship concern.

However, there are some issues requiring consideration while preparing the final accounts and they are:

!) Capital accounts
!) Interest on drawings
!) Interest on capitals
!) Salary or commission to partners
!) Interest on partner’s loan
!) Capital ratio
!) Adjustment after closing of partnership accounts
!) Guarantee of profit and
!) Joint life policy

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