Partnership – Fundamentals

Profit and Loss Appropriation A/c

What is Profit and Loss Appropriation A/c Profit and Loss Appropriation Account is a nominal ledger account that records the allocation of net profit or loss among partners in a partnership firm. In a partnership, the profits or losses are distributed among partners according to the agreed terms as per the partnership agreement. Items in […]

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Provisions applicable in the absence of partnership Deed

What is Partnership Partnership is an association between two or more persons who agree to do business and share profits and losses What is Partnership Deed It is pertinent to note that the partnership can be formed either by an oral or a written agreement among the partners. Partnership Deed is a written document which

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