The partnership deed, Financial Accounting

The Partnership Deed

It is the agreement that regulates the partner’s actions in undertaking the partnership business. This may or may not have been drawn up.  It usually contains, amongst others:

  • Name of the firm, names of the partners, their addresses and their occupations;
  • The status/type of each partner, e.g. active/dormant, limited/unlimited etc
  • The capital to be contributed by each partner
  • Their profit sharing ratio
  • Salaries to partners, if any
  • Interest, if any on capital/drawings.

 

Posted Date: 12/11/2012 5:43:08 AM | Location : United States







Related Discussions:- The partnership deed, Assignment Help, Ask Question on The partnership deed, Get Answer, Expert's Help, The partnership deed Discussions

Write discussion on The partnership deed
Your posts are moderated
Related Questions
My company agreed to clean a store for $1,375 per month. A check for $700 was received from the store as a deposit. What do I need to debit and credit in a general ledger?

Question 1 Suppose you take out a loan of $10,000, repayable by five equal annual instalments. The interest rate is 10% per year. (a) How much do you need to repay per year

On January 1, 2010, Jacob issues $800,000 of 9%, 13-year bonds at a price of 96½. Six years later, on January 1, 2016, Jacob retires 20% of these bonds by buying them on the open m


In June 2012 Company has supplied some goods to a customer on a sale on return basis. The value of the goods was Rs. 120,000. The company recorded this transaction as credit sale,

The conflicting interests of users We have seen above that every user group looks at a business from a different perspective and has its own individual interests. This means th

1.  What cost flow assumption does the company use to value inventories? 2.  What was the amount of expense that the company reported for inventory write-downs during 2011? 3

Banana Computer has a perpetual, convertible 7% annual coupon bond outstanding. The bond has a face value of $1,000 and has a conversion price of $40. The required return on an oth

Fund flow Math problem and solution.

Q. Retained earnings is increased by each of the following except a. some disposals of treasury stock. b. net income. c. prior period adjustments. d. All of these increase retained