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MODULE 4 Partnership Accounts18NotesPARTNERSHIP General have already learned about the sole proprietary business and preparation of its accounts. But, when a business expands, it goes beyond the capacity
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What is partnership accounts?
Partnership accounts are financial statements that show the financial performance and position of a partnership.
Who is required to file partnership accounts?
Partnerships are required to file partnership accounts with the relevant authorities.
How to fill out partnership accounts?
Partnership accounts are typically filled out by the partners or by a professional accountant.
What is the purpose of partnership accounts?
The purpose of partnership accounts is to provide an accurate picture of the financial health of the partnership.
What information must be reported on partnership accounts?
Partnership accounts must include the income, expenses, assets, liabilities, and equity of the partnership.
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