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INTRODUCTION TO PARTNERSHIP FINAL ACCOUNTS

- Jun 10, 2015

1.0 INTRODUCTION

law governing partnership, whic i guide b th partnership Act of 1890, i Nigeri define
partnership a “th relatio whic su ist betwee person carryin o busines i commo wit th
view of profi ”. number of person , terme partner , wh ma for partnership, i limite
t 20 cep (a) in the case of: (i) Solicitors; (ii) Accountants iii) Members of a recognized Stock
Exchange, and (b) in the case of banking business where the limit is ten (10) except that the
number may go up to 20 if each partner has bound of trade authorization.

i Uni discusse t e of partner tha coul b foun i partnership arrangement , partnership

deed , liabilitie of partner , an advantage of partnership, t e of partnership an partnership
account t b maintaine b seriou partnership busines .

2.0 OBJECTIVES

A th en of thi uni , yo shoul b abl t :

appreciate types of partners and partnership 

understan th likel content of th partnership deed  
appreciat th liabilitie tha attributabl t partner i partnership busines  
understan th advantage of partnership over sol proprietorship busines  
lear abou th t e of account t b kep b partnership busines . 

3.0 MAIN CONTENT

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i i partner wh ha capita i th busines an take par i conductin th affair of th busines .

3.1.1.2 Sleeping (or Dormant) Partners

i i partner wh ha capita i th fir (busines ). Suc Partner i responsibl for th debt of th

fir a if h wer a ordinar partner. Hi nam ma or ma no appear i th fir ’ nam .

3.1.1.3 Nominal (Apparent or Quasi) Partner

i i perso wh whils no partner i partnership busines , lend hi nam t th busines . Suc

perso i sai t b holdin ou a partner an i therefor liabl a partner for credi give t th fir ,
o th assumptio tha h wa actuall member of th fir . n topi o  final accounts of
partnership firm importance

SELF ASSESSMENT EXERCISE 1

1.  How i partner i partnership busines ? 

2. Discus an tw t e of partner . 

3.2 Partnership Deeds/Article of Association

Whe partnership i t b forme , i i usua t draw up lega documen terme th deed of

partnership; althoug partnership migh b carrie ou b verba agreemen .

Partnership deeds/Article of Association should contain clauses relation to:

fir ’ nam  
natur of th busines . 
addres (e ) wit whic th busines wil b transacte . 
amoun of capita t b contribute b eac member an interes thereo (if an ). 
  sharin formul for th profi or l of th partnership. 
commencemen an duratio of th partnership. 
 Partner ( ) salarie or remuneratio , if an . 
 Loa b partner( ) t th fir an interes thereo . 
 Drawin an interes thereo . 
keepin of proper book , preparatio of fina account an periodi audit . 
adjustmen an repaymen of capita t retirin partner. 
Arbitratio , i order tha an partnership’ disput ma b settle withou litigatio (goin t
law). 

Section 24 of the partnership Act (1890) provides that in the absence of agreement by the
partners to the contrary:

Partner ar t shar profi an l equall an contribut equa amoun of capita .

  Partner ar t shar profi an l equall an contribut equa amoun of capita . 
 N interes i payabl i respec of capita befor th ascertainmen of profi an n interes i t
b charge o drawing . 
 5% i t b pai t partner wh put mor mone tha th su cribe capita . paymen wil
b o th ces . 

 An partner ma tak par i th managemen of th busines . Bu n partner i entitle t

salar for hi service . 
 N partner ma b introduce int th partnership withou th consen of al th istin
partner . 
  partnership book ar t b kep a th plac of busines an ever partner shoul hav acces
t the . 

SELF ASSESSMENT EXERCISE 2

1. Discus an 5 issue t b covere i partnership agreemen . 2. Highligh an 3 provision of

partnership ac . 

3.3 Liability of Partners

partner ar liabl for al th debt of th fir . I th even of partner’ capita no enoug t sav hi

or her, h or sh ha t g for hi or her persona belonging . onl ceptio t thi i wher ther i th
provisio for limite partnership an unlimite partnership. However, i comin partner i no liabl t
th debt of th fir bu retirin partner i liabl t th ten of th debt of th fir befor hi retiremen .

3.4 Advantages of Partnership

3.4.1 Large Capital

Sol trader ma combin resource together t for partnership if th amoun of capita require for
th runnin of th t of busines i min canno b provide b on perso . Person lookin for
immediat an larg profit migh fin i imp sibl becaus of lac of larg capita . T achiev their
busines goa ; therefor , the hav t brin together their capital s a t mak th larg an immediat
profi whic the wil shar amon themselve .

3.4.2 Experience and Ability

perienc an abilit require for th progres of busines an th achievemen of it goa availabl

wit on of mor investor shoul combine wit th healt , vitalit an wealt availabl wit other
investor( ) s a t establis ver success partnership busines . A t ica ampl i wher a ol
ma form partnership wit youn ma s tha th ol ma ’ wealt of perienc coul b combine
wit th youn ma ’ healt an strengt for success partnership busines .

3.4.3 Share of Ownership

Man peopl jus prefer t shar th car of ownership rather tha bear al th burden themselve . Suc
peopl wil therefor decid t for partnership instea of operatin sol proprietorship.

3.4.4 Family Relationship

B virtu of bein member of sam famil , som sol trader prefer comin together an carryin o
busines activitie a famil uni rather tha operatin differentl . i wil strengthe th famil
relationship wherea separatel operatin th busines ma lea t competitio or opp itio betwee
member of th famil .

3.4.5 Continuity

continuit an enhancemen of th busines i mor secure tha i th cas of singl proprietorship.

SELF ASSESSMENT EXERCISE 3

1.  Describ th liabilitie of retirin an incomin partner . 

2.  Discus an thre advantage of partnership busines over sol proprietorship busines . 

3.5 Types of Partnership

er ar basicall tw (2) t e of partnership: Limite an Unlimite .

 3.5.1 Unlimited partnership

i i th partnership i whic th partner ar liabl t al th debt of th busines up t th ten of

their persona propertie . i i whe th partnership i indebte or insolven . partner her mus pa
th deb eve if i mean sellin their persona belonging lik car , house , land , et i order t rais
mone for tha purp .

3.5.2 Limited Partnership

i i th partnership i whic som partner hav
wit limite liabilit ar liabl onl t th
busines if th busines witnesse failur .
th busines a nobod wil forc the t contribut an
deb of th partnership.
limite liabilit an other( ) unlimite liabilit .
ten of th amoun of capita the investe int th
i mean tha the l onl wha the alread investe int
rther amoun for th purp of repayin th

unlimite partner , o th other han , ar liabl t al th debt of th partnership up t th ten of

their persona belonging whe th busines become insolven . A limite partner i registere under th
provision of th limite partnership Ac (1907) an h ma no tak par i th managemen of th
partnership busines . er mus b a leas on genera (unlimite ) partner i limite partnership.

SELF ASSESSMENT EXERCISE 4

 1.  Wha ar th characteristic of unlimite partnership? 
2.  How limite i limite partnership? 

3.6 Partnership Accounts

3.6.1 Capital Account

i i th accoun tha record th partner ’ capita contributio t th busines . er ar a man

capita account a ther ar partner . er ar tw (2) way of keepin th capita accoun : (1) e
capita accoun an (2) fluctuatin capita accoun . firs metho i th m acceptabl on wher th
capita accoun i le intac an curren accoun introduce i whic fluctuation i th gain an
obligation of partner i th busines wil b recorde . dimensio of th accoun i lik tha of
other account . final accounts of partnership firm project

3.6.2 Drawing Account

i i th accoun i whic th drawing mad b th partner ar recorde . I normall ha debi

balanc unlik Capita Accoun tha ha credi balanc .

3.6.3 Current Account

i i th accoun i whic th curren earning an drawing of partner’ ar recorde , leavin capita

accoun e . O th righ of i (credi sid ) ar recorde (1) interes o capita , (2) partner salar , (3)
shar of profi , an (4) interes o loa . O th le of i (debi sid ) ar recorde (1) drawing , (2)
interes o drawin , an (3) shar of l .

3.6.4 Salary Account

i i th accoun tha record th salarie pai t activ partner for their managemen an contro of
th partnership busines an of cours their concentratio for th da -da runnin of th affair of th
busines , sacrificin other activitie tha ca equall fetc the mone . i i credite t th curren
accoun an debite t th profi an l appropriatio accoun .

3.6.5 Interest on Capital

Interes i sometime charge o capita if th wor t b don b eac partner i of equa valu bu th
capita contribute i unequa . Als , if profi i t b share equall , interes o capita ha t b pai t
compensat higher capita contributor .
i interes i pai ou of th ne profi for th year a par of appropriatio . I i , therefor , treate a
deductio prior t th calculatio of th “super profi ” an it distributio t th partner accordin t th
profi /l sharin rati . rat of th interes i matter for agreemen betwee th partner . Bu ,
theoreticall , i shoul b equa t th retur whic th partner woul hav receive ha the investe th
capita elsewher .

3.6.6 Interest on Drawing

Interes i sometim charge o drawing t deter th partner fro takin ou cas an other resource
unnecessar . interes i calculate fro th dat of withdrawa t th en of th financia year.
amoun charge help swel th profi divisibl amon th partner . I i obviousl i th bes interes of
th fir if cas i withdraw b th partner i accordanc wit th tw (2) basi principle of ( ) a littl
a p sibl , an (b) a lat a p sibl . mor cas tha i le i th fir , th mor pansio ca b
finance .
SELF ASSESSMENT EXERCISE 5

1. Differentiat betwee curren accoun an capita accoun i partnership busines . 

2.  Differentiat betwee interes o capita an interes o drawin . 

partnership final accounts conclusion

Partnership busines i on of th thre form of businesse i an countr of th worl . I i mor popular

amon professional an vocationa me an wome . A partnership busines i sourc of incom an
no uni of incom , an s it profi i no t abl unti i i share amongs th partner . account of
partnership busines ar similar t th of sol proprietorship an companie , i theor an practic ,
bu ther ar special e account tha ar normall kep b partnership businesse . i Uni highlight
al th ndamenta issue student shoul know abou partnership accountin . analytical study on
various adjustments in final accounts of partnership firm introduction

5.0 SUMMARY

Uni ha introduce partnership busines , th t of boo keepin syste t b pu i plac an th

wa t prepar fina account of partnership businesse . T e of partnership an t e of partner wer
mad ver clear, a wel a liabilitie of partnership an advantage of partnership busines over sol
proprietorship busines . The Unit is a good introduction to the concept of partnership and its
expected accounting system.final accounts of partnership firm project,final accounts of
partnership firm wikipedia,final accounts of partnership firm conclusion,final accounts of
partnership firm pdf,final accounts of partnership firm ppt and partnership firm process and
procedure introduction

Genera accountin 1 an 2

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