What are the Accounting Entries at the END of the FINANCIAL YEAR of a partnership?

February 15th, 2011 Comments off
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Tabulate below the usual accounting entries for accounting for partnership:-

Debit Credit
SALARY Appropriation Account Partners’ Current Account
INTEREST ON CAPITAL Appropriation Account Partners’ Current Account
INTEREST ON DRAWINGS Partners’ Current Account Appropriation Account
SHARE OF PROFIT Appropriation Account Partners’ Current Account
SHARE OF LOSS Partners’ Current Account Appropriation Account
DRAWINGS Partners’ Current Account Drawings Account for individual partner.

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Financial Accounting

 
 

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