CHAPTER 3 ACCCOB 1 Exam 2023

CHAPTER 3 ACCCOB 1 Exam 2023 Accounting cycle of a partnership form of business. - 1. Analyzing business documents 2. Posting ledgers 3. Trial Balanace 4. Worksheet 5. Recording adjusting entries 6. Financial statements 7. Recording and posting closing entries 8. PCTB 9. Recording and posting reversing entries Accounts used in partnerships - *CAPITAL ACCOUNT (Debited) - permanent withdrawals - retirement/selling of interest in partnership - distribution of loss (Credited) - initial/additional investments through cash, c=merchandise, other assets. - payment by partner of partnership obligations distribution of profit *DRAWING ACCOUNT (Debited) - temporary withdrawals - closing of credit balance to capital account due to retirement/sale of interest in the partnerhsip (Credited) - allowance for salaries/bonuses (part of the share in the profit or loss of the partnership) - interest on capital balances as stipulated - closing of debit balance to capital account due to retirement/sale of interest in the partnership *LOAN ACCOUNT...