Partnership Accounts: 2
Part of the Macmillan Work Out Series book series (MCWO)
In Chapter 16 we looked at examples where the partnership had commenced as a new business. We shall now examine the situation where a partnership is formed by the amalgamation of two existing businesses. In a simple case where the partners bring in cash or assets the entries are the same as those illustrated in worked example 16.3 in Chapter 16 — that is,
Dr. Asset account
Cr. Partner’s capital account
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© P. Stevens 1987