Partnership Accounting
When two or more individuals engage in an enterprise as co-owners, the organization is known as a partnership. This form of organization is popular among personal service enterprises, as well as in the legal and public accounting professions. The important features of and accounting procedures for partnerships are discussed and illustrated below.
Read more about Partnership Accounting: Accounting For Initial Investments, Capital Interest, Capital Account, Compensation For Services and Capital, Guaranteed Payments, Allocation of Net Income, Closing Process, Statements For Partnerships, Admitting A New Partner, Allocation of Ownership Interest, Partnership Bonus, Withdrawal of Partner, Purchasing of Partner's Interest, Death of A Partner, Liquidation of A Partnership, Schedule M-1, Schedule K-1
Famous quotes containing the words partnership and/or accounting:
“Society is indeed a contract.... It is a partnership in all science; a partnership in all art; a partnership in every virtue, and in all perfection. As the ends of such a partnership cannot be obtained in many generations, it becomes a partnership not only between those who are living, but between those who are living, those who are dead, and those who are to be born.”
—Edmund Burke (1729–1797)
“I, who am king of the matter I treat, and who owe an accounting for it to no one, do not for all that believe myself in all I write. I often hazard sallies of my mind which I mistrust.”
—Michel de Montaigne (1533–1592)