Chapter 2: Final Accounts of Partnership

Similar to the sole proprietor, the partnership firm also prepares its final accounts from the trial balance.

Details

In the final accounts of a partnership firm, trading account, profit and loss account, profit and loss appropriation account, partners' capital accounts/current accounts and balance sheets are prepared.

The objectives of Final Accounts of Partnership are:
1. To ascertain gross profit or loss
2. To ascertain net profit or loss
3. To ascertain divisible profit or loss
4. To know the financial status of the firm
5. For taxation purpose


Curriculum

  • pg 78 - Q8
    24 m 56 s
  • Pg 79 - Q.9
    26 m 41 s
  • Pg 79 - Q.10
    18 m 3 s
  • Pg 80 - Q.11
    21 m 25 s
  • Pg 81 - Q.12
    16 m 53 s
  • FInal Account Sum 14
  • Illustration 4 - Lecture 7
    20 m 43 s
  • q17 pg 86 Lec8
    23 m 42 s
  • q16 pg 85 Lec9
    24 m 45 s
  • q13 pg 82 Lec10
    24 m 29 s
  • q18 pg 87 Lec11
    18 m 29 s
  • q19 pg 87 Lec12
    35 m 5 s
  • 1 Final Acc Sum 13
  • One Line Answer and Theory
    1.1 MB
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