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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.
Determine in brief about the SALES ACTIVITY Just as merchandizing businesses follow specific procedures to process and record purchases, they follow numerous procedures to proc
tugade ,masinsin and biore are all famous athletes who have been operating a sports memorabilia store for how many years .The partnership decided to liquadate its operation rather
State the term - Partnership A partnership exists where at least two individuals carry on a business together with intention of making a profit. Partnerships have much in commo
On July 1, 2010, Harris Co. issued 6,000 bonds at $1,000 each. The bonds paid interest semiannually at 5%. The bonds had a term of 20 years. At the time of issuance, the market r
What is accounting process?
owner got personal loan from his bank and sign note payable.what is the journal entries?
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An accounting ledger that reveals the transaction history and amounts owed independently for each supplier from whom the business gets credit for purchases. The balance in the cust
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