Preparation of Journal / sub-division of journal, Ledger, Trial balance and Financial Statements of a partnership form of business on the basis of a case study
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A business may engage in thousands of transactions during a year. Can you imagine preparing a transaction analysis, like we did in the previous unit, for all of those transactions? It would take a lot of time and the spreadsheet would be large! There has to be a better way to classify and summarize the data in these transactions to create useful information. We will learn the first part of the accounting cycle:
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