Partners entered in the business on the basis of terms and conditions like capital contributed and profit or loss sharing ratio etc. The Accounting of Partnership firm after taking care of these terms and conditions shall be done. The various
Requirement1:
TheJournal entries for initial contributions shall be determined.
Requirement 2:
The Partnership balance Sheet on formation of partnership firm shall be prepared.
Requirement 3:
The Journal entries required for closing the revenues and withdrawals account shall be determined.
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