CA Foundation Exam > CA Foundation Videos > Crash Course for CA Foundation > Partnership and LLP Accounts - 3
Partnership and LLP Accounts - 3 Video Lecture | Crash Course for CA Foundation
FAQs on Partnership and LLP Accounts - 3 Video Lecture - Crash Course for CA Foundation
| 1. What is a partnership in accounting? |  |
Ans. A partnership in accounting refers to a business arrangement where two or more individuals share ownership and the responsibilities of managing a business. Each partner contributes capital, shares profits, and is liable for debts. Partnerships can be general or limited, depending on the degree of liability and involvement of each partner.
| 2. How is profit sharing determined in a partnership? | |
Ans. Profit sharing in a partnership is typically determined by the partnership agreement, which outlines how profits and losses will be distributed among partners. If no agreement exists, profits are usually shared equally among partners or based on their capital contributions, depending on the laws governing partnerships in the relevant jurisdiction.
| 3. What is a Limited Liability Partnership (LLP)? | |
Ans. A Limited Liability Partnership (LLP) is a specific type of partnership that provides limited liability to its partners, protecting them from personal liability for the debts and obligations of the business. This structure combines elements of partnerships and corporations, allowing for flexibility in management while limiting the risks to the partners' personal assets.
| 4. What are the key accounting entries for a partnership? | |
Ans. Key accounting entries for a partnership include recording initial capital contributions, recognizing profits and losses at the end of the accounting period, and allocating profits to partners' capital accounts. Additionally, partners may withdraw funds, which need to be recorded as drawings against their capital accounts.
| 5. How are accounts prepared for a partnership at the end of the financial year? | |
Ans. At the end of the financial year, accounts for a partnership are prepared by first closing the revenue and expense accounts to determine the net profit or loss. This net amount is then allocated to the partners' capital accounts based on the partnership agreement. Finally, a balance sheet is prepared to reflect the financial position, including assets, liabilities, and partners' equity.
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