Partnership final accounts

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7 Terms

1
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closing stock

B/S asset side and Tr A/c CR side

2
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Outstanding EXP

Add to EXP and B/S Liability

3
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Prepaid expenses

Deduct from EXP and Asset side

4
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Income received in advance

Deduct from income and B/S Liability

5
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Int on capital

P&L Dr. and Add in capital

6
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Int on drawing

Deduct from capital A/c and credit side P&L

7
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Goods withdrawn by the partner