Download - ITFT- BUSINESS MANAGEMENT
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• Section – 4“Partnership is the relation between persons
who have agreed to share the profit of the business carried on by all or any of them acting for all".
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Characteristics of Partnership
Association of Persons
Agreement
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Profit sharing
Management
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Partnership Deed
• Agreement between partners in oral or writing is known as Partnership Deed. It helps in resolving future disputes.
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Kinds of Partners • Active partner • Sleeping Partner
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• Nominal Partner • Partner in Profits
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Kinds of Partnership• Partnership at Will • Particular Partner
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Final Accounts1. Capital Accounts2. Profit & Loss Appropriation Account• Interest on Capital• Interest on Drawings• Salaries to Partners• Distribution of Partners3. Guarantee of Profit to a partner
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Interest on Capitali. Interest on Capital A/c Dr. To Partner’s A/c (individually)ii. Profit & Loss Appropriation A/c Dr. To Interest on Capital “OR” iii. Profit & Loss Appropriation A/c Dr. To Partner’s Capital A/c
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Interest on Drawingsi. Partner’s Capital A/c (individually) Dr. To Interest on Drawings A/cii. Interest on Drawings A/c Dr. To Profit & Loss Appropriation A/c “OR”iii. Partner’s capital A/c (individually) To Profit & Loss Appropriation A/c
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Salaries to Partnersi. Salaries to Partners A/c Dr. To Partner’s Capital A/c (individually)ii. Profit & Loss Appropriation A/c To Salaries to Partner A/c “OR”iii. Profit & Loss Appropriation A/c To Partners Capital A/c
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