This article focus to discuss on Partnership Accounting. Here explain Partnership Accounting in accounting terms. Except for the number of partners’ equity accounts, accounting for a partnership matches accounting for a lone proprietor. Each partner has a separate capital account for investments and also his/her share of net gain or damage, and another withdrawal accounts. A withdrawal account is needed to track the amount taken from this company for personal use. Here also briefly discuss on Asset contributions to partnerships and Income allocations.
Discuss on Partnership Accounting
