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JAMB Principles of Accounting · Section 3

Partnership Accounts

Section C: Partnership and Company Accounts

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Syllabus content and objectives

Official JAMB Principles of Accounting outline · Section C: Partnership and Company Accounts

Contents / notes

  • Formation of partnership
  • Partners' current and capital accounts
  • Partnership final accounts: profit or loss account
  • Partnership final accounts: appropriation account
  • Partnership final accounts: statement of financial position
  • Treatment of goodwill
  • Admission or retirement of a partner
  • Dissolution of partnership

Candidate objectives

  • Understand the procedures for the formation of a partnership.
  • Identify the accounts maintained for a partnership business.
  • Determine the effects of admission and retirement of a partner.
  • Determine profit or loss on revaluation of assets.
  • Determine the partners' share of profit or loss on dissolution.
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