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Partnership accounts

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Partnership accounts

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Partnership Accounts: Introduction, Meaning, Definition, Characteristics, Contents of the Partnership Deed, Nature of the Partnership Accounts, Specimen of Capital Accounts, etc.

Partnership Accounts: Introduction, Meaning, Definition, Characteristics, Contents of the Partnership Deed, Nature of the Partnership Accounts, Specimen of Capital Accounts, etc.

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Partnership accounts

  1. 1. PARTNERSHIP ACCOUNTS
  2. 2. INDIAN PARTNERSHIP ACT 1932
  3. 3. Definition of PARTNERSHIP According to Sec.4 of the Indian Partnership Act 1932, “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all”
  4. 4. Characteristics of a Partnership * Association of Two or More Person * Agreement * Business * Profit Motives * Management * Implied Agency * Unlimited Liability
  5. 5. * Association of Two or More Person
  6. 6. Agreement • Partners should voluntarily enter into an agreement . It may be express or implied.
  7. 7. * Business The object of the agreement is to do some lawful business or profession.
  8. 8. Profit Motives • The Object of the business is to earn profit and all the partners should share the profit or loss equally or in an agreed ratio.
  9. 9. * Management Each partner has a right to participate in the Management of the affairs of the partnership business.
  10. 10. Implied Agency The act of one partner shall bind the other partners and also the firm.
  11. 11. * Unlimited Liability Partners are jointly and severally liable for all the debts incurred by the firm.
  12. 12. Partnership Deed Partnership is based on an agreement between all the partners. The agreement may be oral or in writing. To avoid future quarrels, it is better to have the agreement in writing. When the agreement is written and signed by all the partners, it is called as a “Partnership Deed”.
  13. 13. Contents of the Partnership Deed 1. Name of the firm 2. Date of constitution of the firm 3.The principal business place of the firm 4. The names, addresses, occupations and age of the partners 5. The capital contribution by each partner 6. The maximum permitted amount of drawing for each partner 7. The interest chargeable on capital and on drawings. 8. The profit sharing ratio 9. The salary, rent, commission, etc., payable to the partners. 10. Provisions for admission of a new partner or retirement of an existing partner 11. Keeping of the accounts and their audit 12. The management of the firm 13. Any other matter connected with business
  14. 14. Nature of Partnership Accounts 1. Capital Accounts 2. Drawings or Current Accounts
  15. 15. Fixed Vs. Fluctuating Capitals 1. Fixed Capital Account 2. Fluctuating Capital Account
  16. 16. Specimen Capital Accounts 1. Specimen of Fluctuating Capital Accounts 2. Specimen of Fixed Capital Accounts
  17. 17. Fixed Vs. Fluctuating Capitals 1. Fixed Capital Account 2. Fluctuating Capital Account
  18. 18. Specimen Capital Accounts 1. Specimen of Fluctuating Capital Accounts
  19. 19. 2. Specimen of Fixed Capital Accounts
  20. 20. Enjoy the Day

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