What do you understand by partnership, Financial Accounting

Assignment Help:

Q. What do you understand by Partnership?

Partnership - Relationship between two or more persons based on anoral, written or implied agreement whereby they agree to carry on a trade or business for profit and share the resulting profits. Unlike a CORPORATION'S shareholders, partnership's general partners are liable for the DEBTS of partnership. (See GENERAL PARTNERSHIP, LIMITED LIABILITY PARTNERSHIP, LIMITED PARTNERSHIP.)


Related Discussions:- What do you understand by partnership

Case, I need help on my accounting assignment

I need help on my accounting assignment

Minority interest-group accounts, Minority interest (MI) When the holding...

Minority interest (MI) When the holding company owns less than 100% of the ordinary share capital of the subsidiary company then the other balance is held by minority interest. T

What are the ethical issues involved, Charlie Brown, controller for the Kel...

Charlie Brown, controller for the Kelly Corporation, is preparing the company's income statement at year-end. He notes that the company lost a considerable sum on the sale of some

Steps for preparing final accounts-branches, Steps for preparing Final Acco...

Steps for preparing Final Accounts The following steps should be followed in preparing the final accounts where we have a foreign branch. 1. Update the trial balance of the br

What is demands for grants, Q. What is Demands For Grants? The budget p...

Q. What is Demands For Grants? The budget proposals of the expenditures to be met out from the "Consolidated fund of India" should be presented in the form of Demands for Grant

Interest is deductible on schedule a, Heather & Terry have a mortgage on th...

Heather & Terry have a mortgage on their primary residence of $750,000 and a mortgage on their vacation home of $410,000. In 2013, they incurred $46,400 of mortgage interest expens

Journalize the transactions, During it's first year of operations, Rosa Cor...

During it's first year of operations, Rosa Corp has these transactions pertaining to its common stock. Jan. 10 Issued 30,000 shares for cash at $5 per share July 1 Issued 60,000 sh

Cash cycle, Explain the movements in working capital in terms of a business...

Explain the movements in working capital in terms of a business''s cash cycle. Explain some of the options available and their effect on the cash cycle.

What is the net present value of project, Red Lake Mines, Inc. is consideri...

Red Lake Mines, Inc. is considering adoption of a new project requiring a net investment of $10 million. The project is expected to generate 5 years of net cash inflows of $5 milli

Write Your Message!

Captcha
Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd