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Special Aspects of Partnership Accounts Video Lecture - Commerce
FAQs on Special Aspects of Partnership Accounts Video Lecture - Commerce
| 1. What are partnership accounts in commerce? |  |
Ans. Partnership accounts in commerce refer to the financial records maintained by a partnership firm. These accounts include details of the firm's assets, liabilities, capital, income, expenses, and distribution of profits among partners.
| 2. How are partnership accounts different from individual accounts? | |
Ans. Partnership accounts differ from individual accounts as they involve multiple partners. Individual accounts are maintained by sole proprietors, whereas partnership accounts are maintained by a group of individuals who have entered into a partnership agreement to carry out a business together.
| 3. What are the special aspects of partnership accounts? | |
Ans. The special aspects of partnership accounts include the preparation of a partnership deed, the allocation of profits and losses among partners, the calculation of interest on partners' capital and drawings, the treatment of partners' salaries and commissions, and the maintenance of separate capital, current, and drawing accounts for each partner.
| 4. How is the distribution of profits done in partnership accounts? | |
Ans. The distribution of profits in partnership accounts is done based on the agreed profit-sharing ratio mentioned in the partnership deed. The ratio may be equal or unequal, depending on the partners' capital contributions, efforts, or any other agreed terms. The net profit is divided among partners in their respective profit-sharing ratios.
| 5. What is the significance of partnership accounts in commerce? | |
Ans. Partnership accounts are significant in commerce as they provide a clear financial picture of the partnership firm's performance and financial position. These accounts help in assessing the profitability, liquidity, and solvency of the partnership, facilitating decision-making, tax compliance, and the settlement of partners' claims in case of dissolution or retirement.
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Nov 16, 2024 Last updated |
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