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Preparation of balance sheet of partnerships
Section 8
Objective 9
Prepare balance sheet of
partnerships
• The balance sheet of a partnership similar to
that of a sole trading company except for the
following:
– Capital accounts for each partner is listed
separately
– Current accounts of the partners are listed
separately in special sections for example
• Current accounts with credit balances are listed as
current liabilities
• Current accounts with debit balance are listed as
current assets
Prepare balance sheet of
partnerships
• There are two ways of setting out the capital
section showing:
– Detailed capital section – shows the capital
account balances at the year end and all of the
detailed information are recorded in each partner’s
current account
– Summarised capital section –will show the final
balances on each partner’s capital and current
account
Format of a detailed capital section
Sample of a summarised capital section
for a partnership company
Sample of a summarised capital section
for a partnership company

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Preparation of balance sheet of partners

  • 1. Preparation of balance sheet of partnerships Section 8 Objective 9
  • 2. Prepare balance sheet of partnerships • The balance sheet of a partnership similar to that of a sole trading company except for the following: – Capital accounts for each partner is listed separately – Current accounts of the partners are listed separately in special sections for example • Current accounts with credit balances are listed as current liabilities • Current accounts with debit balance are listed as current assets
  • 3. Prepare balance sheet of partnerships • There are two ways of setting out the capital section showing: – Detailed capital section – shows the capital account balances at the year end and all of the detailed information are recorded in each partner’s current account – Summarised capital section –will show the final balances on each partner’s capital and current account
  • 4. Format of a detailed capital section
  • 5. Sample of a summarised capital section for a partnership company
  • 6. Sample of a summarised capital section for a partnership company