How to adjust partners capitals when current account is already ipened?
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When two or more individuals engage in 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.
Accounting for initial investmentsEdit
Because ownership rights in a partnership are divided among two or more partners, separate capital and drawing accounts are maintained for each partner.
Accounting for initial investmentsEdit
Because ownership rights in a partnership are divided among two or more partners, separate capital and drawing accounts are maintained for each partner.
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