215
Partnerships
Chapter 5
Assessment Questions
AS-1 (
1
)
What is a partnership?
learning outcomes
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1
Describe the characteristics, advantages and
disadvantages of a partnership
2
Describe different types of partnerships
3
Record the formation of a partnership
4
Record the division of income or loss
5
Record partners’ drawings
6
Prepare financial statements for a partnership
7
Account for the addition or withdrawal of a
partner
8
Record the liquidation of a partnership
