“CUET Accounts Notes by Artham Resources: Chapter 2 – Accounting for Partnership Fundamentals. Explores the basics of partnership accounting, including partnership formation, profit sharing, and financial reporting.”
Content of Chapter 2 – Accounting for Partnership Fundamentals:
- Introduction to Partnership Accounting
- Partnership Deed: Features and Importance
- Capital Accounts: Initial Investments and Changes
- Profit and Loss Appropriation Account: Allocation of Profits and Losses
- Distribution of Profits: Interest on Capital, Salary to Partners, and Profit Sharing Ratio
- Treatment of Accumulated Profits and Reserves
- Preparation of Financial Statements for Partnerships
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