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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 Short-term interests refer to shares of annual profit and amounts therein withdrawn).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.
The balance sheet and income statement for Bingle Ltd is presented to you as follows: Balance Sheet Extract as at 30 June 2012 with comparatives
Definition: A partnership is defined as “the relationship that subsists between two or more persons carrying on a business in common with a view to making a profit.” (Partnersh
mportance of recognition revenue..
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