Partner Up with Accounting Knowledge

The basic concepts of accounting for partnership include the formation of partnership, rights and duties of partners, profit and loss appropriation, and preparation of partnership accounts.

Reconstitution of a partnership firm refers to the process of changing the existing partnership agreement due to admission, retirement, or death of a partner.

Share sacrificed problems refer to the situations where a partner sacrifices his share of profits in favor of other partners due to various reasons such as admission of a new partner or adjustment of capital accounts.