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Accounting for Partnership: Basic Concepts

Accountancy · Chapter 1 · Unit 1: Accounting for Partnership Firms

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Your path through this chapter

  1. Visual lesson Beta

    1. Part 1: The Firm, Capital Accounts and Appropriation of Profit21 slides
    2. Part 2: Guarantee, Past Adjustments and Goodwill21 slides
    Step 1: Not started

  2. Notes Beta

    7 sections with key terms, formulas and exam tips.

    Read the notes Step 2: Not started

  3. Flashcards Beta

    32 cards for quick recall of key terms and facts.

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  4. Practice

    73 board-style questions with instant checks: Multiple choice 20, Long answer 13, Short answer 10, Assertion and reason 9.

    Practise Step 4: Not started

  5. Chapter test Free

    Short and long chapter tests in board pattern, with results and analysis.

    Step 5: Not started

Topics 6

  1. Nature of partnership and the partnership deed
  2. Fixed and fluctuating capital accounts
  3. Profit and Loss Appropriation Account
  4. Guarantee of profit to a partner
  5. Past adjustments
  6. Goodwill: nature and valuation

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