Question

How to account interest on capital from partnership firm in a propritory firm

Answer 1

Answer:

A partnership has a different organisation that a sole proprietorship or a company. So accounting for a partnership firm has some of its own peculiarities, like the Capital Account or the Profit and Loss Appropriation Account. Let us learn some basic concepts of partnership accounts.

Explanation:

Before we dive into the accounting of a partnership firm, it is important that we learn the basics of partnership. The essentials that make a partnership are unique and valuable information before we learn accounting effects. Also, we will look at the basics of a partnership deed.

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