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1.6   Financial statements of a partnership


                       Partnership agreement


                       A Partnership Agreement is a contract between two or more individuals who would like to


                       manage and operate a business together in order to make a profit. Each Partner shares a

                       portion of the partnership's profits and losses and each Partner is personally liable for the debt

                       and obligations of the Partnership.



                       Introduction to partnership accounts

                       There are 3 types of accounts in Partnership:


                            Appropriations of profit Account

                            Capital Account

                            Current Account






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