ITFT- BUSINESS MANAGEMENT

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Information about ITFT- BUSINESS MANAGEMENT
Education

Published on April 26, 2014

Author: Neelu333

Source: slideshare.net

Description

PARTNERSHIP

• 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".

Characteristics of Partnership Association of Persons Agreement

Profit sharing Management

Partnership Deed • Agreement between partners in oral or writing is known as Partnership Deed. It helps in resolving future disputes.

Kinds of Partners • Active partner • Sleeping Partner

• Nominal Partner • Partner in Profits

Kinds of Partnership • Partnership at Will • Particular Partner

Final Accounts 1. Capital Accounts 2. Profit & Loss Appropriation Account • Interest on Capital • Interest on Drawings • Salaries to Partners • Distribution of Partners 3. Guarantee of Profit to a partner

Interest on Capital i. 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

Interest on Drawings i. Partner’s Capital A/c (individually) Dr. To Interest on Drawings A/c ii. 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

Salaries to Partners i. 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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