When drawing up accounts for Partnerships,additional personal accounts must be shown:
(i)Individual Current Accounts
(ii)Individual Capital Accounts
(iii)Individual Drawings Accounts
(iv)Individual Revenue Accounts

Question

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Partnerships (between 2 and 20 people) should have a "partnership agreement" detailing the amount of capital each has input into the business, and the share of the profits. They may or may not receive wages as well. They may also receive interest on their capital. The individual Capital Accounts generally remain the same year on year. Within the Current accounts, wages, interest and drawings are show as well as the "appropriation" which is the share of the remaining profits between the partners.

When Drawing Up Accounts for Partnerships,additional Personal Accounts Must Be