ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Capital and Current Accounts
- As we will continue to emphasize throughout the topic
- You ought to pay attention to the requirements of the question and follow these
- Where there are no guidelines or the question is silent remember the following provisions:
- Profits and losses are to be shared equally
- There is to be no interest allowed on capital
- No interest is to be charged on drawings
- Partners are not entitled to salaries
- Partners who put a sum of money into a partnership in excess of the capital they have agreed
to subscribe are entitled to interest at the rate of 5 per cent per year on such an advances
- Also wherever possible use columnar Capital Accounts and Current Accounts it saves time and is more convenient
- Always use current accounts and capital accounts instead of fluctuating capital accounts unless otherwise instructed
To access more topics go to the Principles of Accounts Notes.
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