Partnership
A partnership is a business structure where two or more individuals share ownership, responsibilities, profits, and liabilities. Each partner contributes capital, labour, or skill, and taxation is typically passed through to personal returns. Accounting for partnerships involves capital accounts, profit-sharing ratios, and partner withdrawals.
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Prepaid Interest
Prepaid interest is interest paid before it's due, often at the beginning of a loan term. It's initially recorded as…
Prepaid Income
Also known as unearned income, prepaid income is money received before delivering goods or services. It’s recorded as a liability…
Prepaid Expense
Prepaid expenses are advance payments for goods or services to be received in future periods. Common examples include prepaid rent…
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