Partnership

Partner is an arrangement in which two or more persons agree to share in the profits of the company. The business may be run by all of them or any one of them working on behalf of the all. Persons so involved under such an agreement are called individually partners and collectively the firm. A partnership is considered and treated as a separate legal entity from the partners. It means that it can enter into contract on its own name and can be sued as well. As it a contractual relationships among the persons, all the partners will be jointly and severally liable for the acts of the partnership.

In this section of partnership, we will discuss following topics:

  1. Formation of partnership
  2. Withdrawal of funds
  3. Distribution of profit or loss
  4. Admission in partnership
  5. Retirement in partnership
  6. Dissolution in partnership

Checkout our latest post Partnership Accounting MCQs.

Contents
Financial Ratios Accounting Cycle Accounting Principles Financial Accounting Basics Financial Statements Reporting Bad Debts Current Assets Long-term Assets Voucher System Partnership Partnership Formation Withdrawal of Funds from Partnership Distribution of Profit or Loss in Partnership Revaluation of Assets in Partnership Admission of Partner(s) Retirement of a Partner in a Partnership Dissolution of Partnership - Partnership Liquidation Partnership accounting multiple choice questions and answers Pdf Depreciation Work Sheet - 10 Column Work Sheet Difference Between Reserve and Fund Accounting for Leases Capital reduction and reconstruction Absorption of Company Amalgamation Accounting for Installment Sales Basis of Recording Profit and Loss Branch Accounting Construction Contracts Revenue Recognition Accounting for Groups Financial Analysis Events After the Balance Sheet Date Deferred Tax Cost Accounting Activity Based Costing (ABC) Throughput Accounting Relevant Cost Break Even Analysis Standard Costing Inventory Management Payroll Accounting Royalty Accounting Statistics Master Budget Salary Income Microsoft Excel Tutorial Other Topics Share or Stock Valuation Model Financial Management Topics Kinds of Endorsement Letter of Credit, Kinds and Its Advantages/ Utilities Modern Functions of a Commercial Banks Difference Between Secured And Unsecured Loan Excel conditional formatting red if negative green if positive How to Remove Extra Spaces in Excel Result Card or Result Sheet Creation Using Excel