Is any written accounts notes can any one snd me the spams of 1st chap guys of accounting for partnership pls
Answers
Answer:
Partners (or owners) can invest cash or other assets in their business. They can even transfer a note or mortgage to the business if one is associated with an asset the owner is giving the business. Assets contributed to the business are recorded at the fair market value. Anytime a partner invests in the business the partner receives capital or ownership in the partnership. You will have one capital account and one withdrawal (or drawing) account for each partner.
Explanation:
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Two or more persons: There must be at least two persons to form a valid partnership. The maximum number of partners cannot exceed the number of partners prescribed by Companies Act, 2013 which is 50 in any business whether banking or non- banking.