Accounting treatment for a partnership enterprise is similar to that of a sole proprietorship trading concerns with the exception of the following aspects mentioned below:
- Maintaining Partners’ Capital Accounts
- Allocation of Profit and Loss amidst the partners
- Reconciliation for the Wrong Appropriation of gains in the past
Dissolution of Partnership Firm. The first 3 aspects which are mentioned above have been taken up in the following segments. The remaining aspects have been covered in the subsequent chapters
The above mentioned is the concept that is explained in detail about Special Aspects of Partnership Accounts for the class 12 students. To know more, stay tuned to BYJU’S.