Discuss on Partnership Accounting

This article focus to discuss on Partnership Accounting. Here explain Partnership Accounting in accounting terms. Except for the number of partners’ equity accounts, accounting for a partnership matches accounting for a lone proprietor. Each partner has a separate capital account for investments and also his/her share of net gain or damage, and another withdrawal accounts. A withdrawal account is needed to track the amount taken from this company for personal use. Here also briefly discuss on Asset contributions to partnerships and Income allocations.