Explain some difference in accounting for partnership and accounting for sole trade or sole proprietor?

February 13th, 2011 Comments off
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Major differences are:

  • The funds put into the business by each partner are shown differently
  • The net profit must be appropriated by the partners, ie. Shared out according to the partnership agreement. These appropriation s of profit must be shown in the partnership accounts.

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Financial Accounting

 
 

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