Chapter 9 - Partnerships Flashcards
1
Q
How to allocate partnership profits?
A
1) Perform adjustment to profits
2) Deduct CAs
3) Split profit between partners in accordance with partnership agreement
4) Treat each partner as seperate sole trader and apply basis period rules
2
Q
How are partners joining/leaving dealt with?
A
Joining - OY rules
Leaving - CY rules
