In a business world, a partnership is an association of two or more persons to carry on a business as co-owners for profit. Many aspects of accounting for a partnership are same as for a corporation but there are unique features. For example: each partner has a separate capital account, the total of which replaces the stockholders’ equity section of the balance sheet. Through this post I am going to quickly overview “basic” partnership accounting. As usually I will provide [...]
Archive for Category: "Accounting For Partnerships"
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