Question

conclusion of final accounts of Partnership firm

Answer 1

1. Partnership is a form of business organisation. A business and its ownership are independent concepts. The idea that the actual business and the form of organisation that is owning it are different would help you in creating an understanding on the difference in accounting for partnership firms and other forms of business organizations. The same business may be owned by a "sole proprietor", a "partnership firm", a "co-operative society", a "company" or any other form of business organisation. 
Ascertaining the profit or loss is an idea related to the business. How the profit made is dealt with is an idea related to the form of business organisation. Thus the process of profit ascertainment (final accounting) for a business would be the same whatever may be the form of business organisation. 

2. The profits of the partnership firm are shared among the partners in the manner indicated in the partnership agreement. 

Answer 2

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"The idea that the actual business and the form of organization that is owning it are different would help you in creating an understanding on the difference in accounting for partnership firms and other forms of business organizations. Ascertaining the profit or loss is an idea related to the business."


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