partnership accounts

The accounts kept by a partnership. They include an appropriation account in which the profit of a partnership is shared between the partners in accordance with the partnership agreement. This may be in the form of salaries, interest on capital, and a share of the profit in the appropriate profit-sharing ratio. Each partner also has a capital account and a current account. The former is used to account for capital contributions, goodwill, and revaluations; the latter for all other transactions, such as appropriations of profit and drawings

Accounting dictionary. 2014.

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