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Partnership Accounts - Part 1

This document provides information about partnerships businesses including: 1. Key definitions of a partnership business and the Partnership Act of 1932. 2. Features of a partnership business such as joint ownership, capital contributions based on agreement, sharing of profits and losses, and a legal registration requirement. 3. An activity for students to list reasons to start a partnership business and examples of business partnerships. 4. Links to videos and articles about the advantages and disadvantages of partnership businesses.

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Leon Elbling
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55 views15 pages

Partnership Accounts - Part 1

This document provides information about partnerships businesses including: 1. Key definitions of a partnership business and the Partnership Act of 1932. 2. Features of a partnership business such as joint ownership, capital contributions based on agreement, sharing of profits and losses, and a legal registration requirement. 3. An activity for students to list reasons to start a partnership business and examples of business partnerships. 4. Links to videos and articles about the advantages and disadvantages of partnership businesses.

Uploaded by

Leon Elbling
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
You are on page 1/ 15

1.

No pausing for more than a


second.
2. No word fillers (Erm, Err, Hmm).
3. No repetition.

What can you remember


about a Sole trader?
GUESS WHAT WE ARE GOING TO LEARN TODAY
PARTNERSHIP
ACCOUNTS
Here starts
the lesson!
LEARNING OBJECTIVES

01 02 03
All Most Some
Explain the Explain the Outline the
meaning and advantages and importance and
characteristics disadvantages contents of a
of partnership of forming a partnership
business partnership agreement
INDIVIDUAL WORK

Using the
Question
words:
What?
Who?
why?

Come up with two definitions of a partnership business,


and share your definition with the student(s) in your
group.
THINK>PAIR>SHARE
KEY WORDS

Partnership Ownership legal agreement


DEFINITION Partnership business as an associate of
persons who have come together with a
Partnership Act 1932 view to to-do business in shared with a
view to make profit. This relation of
Definition of “Partnership”
partnership exists out of contract.
is the relation between persons Persons who have entered into this
who have agreed to share the relationship or partnership are
profits of a business carried on individually known as ‘partners’ and
jointly as ‘business’. The business is
by all or any of them acting for
agreed on a particular name called the
all. ‘business’s name’.
Features of Partnership Business

1. Ownership: The business is owned by two to twenty (2-20) persons, but in a


banking enterprise, it is between two and ten (2-10).
2. Sources of capital: Capital to run the business is from partners contribution,
based on a legal agreement.
3. They carry business with one specific name.
4. There must be agreement between persons desirous of forming partnership.
5. Profit or loss is shared according to the agreement.
6. The business must be managed by all or one or more of them acting for all.
Lifespan: The lifespan of a partnership business depends on the agreement
signed by partners.
7. The partnership firm should be registered in the books of Government.
GROUP WORK

Ready to unbox your thought?


YOU ARE A SOLE TRADER,
OR YOU WANT TO OPEN A
NEW BUSINESS.
WRITE FIVE REASONS THAT
WILL MAKE YOU TO START
A PARTNERSHIP BUSINESS?
(5)
● List three examples of business
partnership. (3)
SLIDESMANIA.COM

CLICK HERE TO ANSWER THIS


QUESTION
Double click on
the play icon to
watch a video on
advantages and
disadvantages of
partnership.

To watch another video


https://www.youtube.com/watch?v=
s8vXZTB3618

READ MORE:https://www.informdirect.co.uk/business-management/partnership-business-advantages-and-disadvantages/
Read the partnership agreement for
a discussion.

n ting
ou ook
Acc rseb
Cou
READ e 2 79
Pag
WALK AROUND THE
CLASSROOM TO IDENTIFY
THE TRUE OF FALSE
INFORMATION ABOUT
PARTNERSHIP BUSINESS
PESTED AT THE DIFFERENT
CORNERS OF THE CLASSROOM
INDIVIDUAL WORK
TO TEST YOURSELF
FOR THE SKILLS OF
KNOWLEDGE AND
UNDERSTANDING,
CLICK ON THE
GOOGLE DOC ICON TO
ACCESS YOUR
QUESTION
What went well for your group in
this lesson?
What would be improved?
NEXT LESSON TOPIC:
Income statements, appropriation accounts and
statements of financial position of a partnership
business

Please study the above information for a discussion in our next lesson.

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