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Q. What do you mean by partnership?
A partnership is a non-incorporated business owned by two or more persons associated as partners. Habitually the same persons who own the business as well manage the business. Several small retail establishments and professional practices such like physicians, dentists, attorneys and many CPA firms are partnerships. A partnership commences with a verbal or written agreement. A written agreement is preferable for the reason that it provides a permanent record of the terms of the partnership. These terms comprise the initial investment of each partner the duties of each partner and the means of dividing profits or losses between the partners each year and the settlement after the death or withdrawal of a partner. Each partner perhaps held liable for all the debts of the partnership and for the actions of each partner within the scope of the business. But as with the single proprietorship for accounting purposes the partnership is a separate business entity.
state why carriage inwards is stated on the trading account
Contain the relevant authoritative literature on accounting for investments in held-to-maturity securities using the FASB's Codification Research System. What is the specific citat
Define Carriage outwards.
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How do you do journal entries for an item bought on credit and then later returned and the total selling price was 4,275.
Q. Define the Product costs? Product costs are costs earns in the acquisition or manufacture of goods. Since you will see in the next section included as product costs for purc
Stewart Company sold 180 units @ $320 each on October 31, 2012. Cash selling and administrative expenses were $15,000. The following information is also available: The
The information contained in published financial statements is of specific importance to external users, as shareholders and investors. Without any information they would not be ca
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