Account for the start-up of a partnership and prepare partnership financial statements using make-up figures.
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- briefly explain the concept of Partnership, Formation, Duties, Liabilities and Dissolution and also tell the relationship among themHow to compute partnership capital balanceWhen accounts receivables are transferred into a partnership, at what amount should they be recorded? Include a definition of Accounts Receivable in your response.
- Briefly introduce the legal nature of partnerships and companies, with emphasis on the contractual principles governing the formation and discharge of partnership agreement.Explain using practical example how a partner with a debit balance on his capital account will be accounted for in a partnership account?Explain the contract liability of a partnership and the partners.
- Record the necessary journal entries, prepare Revaluation Account, Capital Accounts and Balance Sheet of the reconstituted partnership.summarizes the financial aspects of the partnership agreement and the equityrequirements of the general and limited partners with example?Prepare a partnership Deed for a partnership business consisting of you and your family members ?