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Summary Financial accounting (FRK 121) - Chapter 7

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These notes contain everything you will need to know from Chapter 7; Partnerships. Relevant theory is included such as what is a partnership and elements of the partnership agreement. Practical examples and explanations are included on how to record drawings and current account for partners as well as how to do the distribution account. Financial statements of partners and how to deal with loans to and from partners are included.

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