Ebook Certificate in business management: Introduction to accounting – Part 2
➤ Gửi thông báo lỗi ⚠️ Báo cáo tài liệu vi phạmNội dung chi tiết: Ebook Certificate in business management: Introduction to accounting – Part 2
Ebook Certificate in business management: Introduction to accounting – Part 2
Study Unit 11PartnershipsContentsPageA.Nature of Partnership212Definition212Types of Partnership212Comparison with Limited Companies213Partnership Agr Ebook Certificate in business management: Introduction to accounting – Part 2 reement214B.Partnership Capital and Current Accounts216c.Partnership Final Accounts218Profit and Loss Account and Appropriation Account218The Balance Sheet220Answer to Question for Practice232© ABE and RRC212 PartnershipsA. NATURE OF PARTNERSHIPBeing a sole trader means being in control of the busin Ebook Certificate in business management: Introduction to accounting – Part 2 ess - being responsible for all the decision-making - and being entitled to all the profits of the business or having to suffer all its losses. HoweveEbook Certificate in business management: Introduction to accounting – Part 2
r, practising as a sole trader can be restrictive in two main areas:•Limited time available (i.e. hours put in by sole trader himself).•Limited resourStudy Unit 11PartnershipsContentsPageA.Nature of Partnership212Definition212Types of Partnership212Comparison with Limited Companies213Partnership Agr Ebook Certificate in business management: Introduction to accounting – Part 2 that more man-hours and more capital become available. It may also become easier to obtain a loan. However, in a partnership no one person has total control nor a nght to all the profits.Partnerships are commonly found:•In family businesses.•Where two or more sole traders have come together to form Ebook Certificate in business management: Introduction to accounting – Part 2 a partnership.•In professional firms such as solicitors, accountants and doctors.DefinitionThe Partnership Act 1890, section 1 defines a partnershipEbook Certificate in business management: Introduction to accounting – Part 2
as follows:"The relation which subsists between persons carrying on a business in common with a view to prof if.In keeping with this definition, the eStudy Unit 11PartnershipsContentsPageA.Nature of Partnership212Definition212Types of Partnership212Comparison with Limited Companies213Partnership Agr Ebook Certificate in business management: Introduction to accounting – Part 2 s, but the rules of a particular profession may disallow partnerships between its own members, e g. in the case of barristers(b)The business must be carried on in common.(c)The parties must carry on the business with the object of gain. There are many associations of persons where operations in comm Ebook Certificate in business management: Introduction to accounting – Part 2 on are carried on, but as they are not carried on with the view to profit they are not to be considered as partnerships, e.g. a sports club.Types of PEbook Certificate in business management: Introduction to accounting – Part 2
artnershipWe can distinguish differences in both the kinds of partnership and the kinds of partner.Kinds of partnershipThere are two kinds of partnersStudy Unit 11PartnershipsContentsPageA.Nature of Partnership212Definition212Types of Partnership212Comparison with Limited Companies213Partnership Agr Ebook Certificate in business management: Introduction to accounting – Part 2 ke part in the business (but is not entitled to a salary for so doing, unless specially agreed) and to receive a specified share of the profits or losses. Each partner is jointly liable to the extent of his full estate for all the debts of the partnership. Ebook Certificate in business management: Introduction to accounting – Part 2 Study Unit 11PartnershipsContentsPageA.Nature of Partnership212Definition212Types of Partnership212Comparison with Limited Companies213Partnership AgrGọi ngay
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