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Accounting for Partnerships
The owners’ interests in the business are divided into long term and short-term interests. (Long-term interests refer to original capital commitments and changes thereon. Short-term interests refer to shares of annual profit and amounts therein withdrawn). The long-term interests are shown in a capital account whereas short-term interests are shown in a current account.These accounts are kept in a T-form for examination purposes, a separate column being kept for each partner.
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cheque issued and presented for payment 400 in cash book debit balance
CONSOLIDATED CASHFLOW STATEMENTS (IAS 7) The basic cash flow statement has been covered under Financial Accounting II. The following introduction will serve as a quick reminder.
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what are the advantage and disadvantage to mr fish, mr Lobster of forming a partnership rather than a close corporation or a company?
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