Accounting for partnerships, Financial Accounting

Accounting for Partnerships

The owners’ interests in the business are divided into long term and short-term interests. (Long-term interests refer to original capital commitments and changes thereon. Short-term interests refer to shares of annual profit and amounts therein withdrawn). The long-term interests are shown in a capital account whereas short-term interests are shown in a current account.

These accounts are kept in a T-form for examination purposes, a separate column being kept for each partner.

Posted Date: 12/11/2012 5:48:12 AM | Location : United States







Related Discussions:- Accounting for partnerships, Assignment Help, Ask Question on Accounting for partnerships, Get Answer, Expert's Help, Accounting for partnerships Discussions

Write discussion on Accounting for partnerships
Your posts are moderated
Related Questions
Rules of intestacy:leaves several wives The intestate leaves several wives, married under any system of law which permits polygamy. His personal and household effects and the r

Wright Corporation began its operations on September 1 of the current year. Budgeted sales for the first three months of business are $243,339, $313,087, and $415,174, respectively

Ask question #EM201683STE718FACMinimum 100 words accepted#

I am needing homework help on my Principles to Accounting 1, but don''t know how much you guys charge

Alliance Corporation (an Australian company) invests 1,000,000 marks in a foreign subsidiary on January 1, Year 1. The subsidiary commences operations on that date, and generates n

Profit is not cash flow: Adequate cash is essential to keep business running. Inadequate cash increases the risk of not being able to meet current obligations as and when the

SE CTION A QUESTION 1: Below is a trial balance of a manufacturer of boots for the local market. Trial balance as at 31st December 2012 Dr Rs

Beginning balance 24,000 cash Sales 250,000 Gross profit 45% of sales Accounts receivable increase by 24,000 Accounts payable increased by 51,000 Inventory increased by 98,000 Sell

conduct a-what-if-analysis

Real Estate Investment Trust (REIT) - Investor-owned TRUST that invests in real estate and, in place of paying income tax on its income, reports to each of its owners her or his pr