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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.
Q. Describe about Borrowed money? The company lent USD 6000 from Chaney's father. Chaney signs the note for the company. The note turn off no interest and the company promised
Q. What is Intangible Assets? Intangible Assets are items likecopyrights, patents, licenses, trademarks, franchises andother kinds of rights or things of value to a company tha
Secret Trails received payment in full within the credit period for horse boarding for $900 plus 6% sales tax. terms of the sale were 2/10, n/30. which entry is required to record
Worthington Company issued 1,000,000 face value, 10% bonds on July 1 2012, when the market rate of interest was 12%. Interest payments are due every July 1 and January 1. Worthin
#quthe books of deven verma could not be tallied.the accountant transferred the difference of Rs.1270 in the suspense account on the debit side the following mistakes were found la
what is the basic meaning of debit and credit
Gwinnett Park Co. reported net income of $506,600 for its fiscal year ended September 30, 2014 . At the beginning of that year, 150,000 shares of common stock were outstanding. On
During the fiscal period just ended some of the inventory in the warehouse of Jamie Ltd. wasn't counted. Jamie Ltd. uses a periodic inventory control system. Explain how the foll
Q. What is Public accounting? Public accounting firms offer professional accounting and related services for a fee to organizations, other companies, and individuals. An accoun
Bank for International Settlements (BIS) A consortium bank recognized to coordinate the collection and rescheduling of German reparations after World War I, the BIS has surviv
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