If a paterner assumes responsibility of motor vehicle expenses and half of depreciation expense, how do we treat these entries the final accounts of the paternership?
Ask the Tutor ACCA FA
paternership accounts
11y ago#1Partnerships are not examinable in Paper F3!
(You would credit the expanse accounts and debit the partners current account, but again - this cannot be examined in F3. It was removed from the syllabus many years ago.)
Thank you so much mr John!-This is examined in my CPA paper one.
11y ago#3Ah - now I realise why you asked :-)
Dear John
Partners have limited liability and are not personally liable for the debts of the partnership
Is it correct ?
11y ago#5No - it is completely the opposite (unless it is a limited liability partnership).
A partnership is exactly the same as a sole trader except for the fact that there are two or more in business together. They have unlimited liability just as a sole trader does.
Sign in to reply to this topic.