Theory And Practice of Accounts Applied Economics And Organization Lecture I
Theory And Practice of Accounts Applied Economics And Organization Lecture I
Homer St Clair Pace
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It should not be loaded with expenses incurred in building up the business, and should not be manipulated to produce a favorable result in the Profit & Loss Account. Interest on Capital. Interest is frequently allowed, under the partnership agreement, upon the capital contributed by the partners, and is a charge against the Profit & Loss Account before the net results are carried to the part- ners' accounts. If the concern has sustained a net loss, instead of making a net profit, the interest c...harges are nevertheless made to the Profit & Loss Account, and the partners' accounts credited with the respective amounts of interest. This, of course, increases the amount to be carried to the partners' accounts as a charge, but the result will, perhaps, be divided equally, or at least upon a basis different from that of capital contributed, which necessitates carrying out the procedure indicated. It is really a matter of adjust- ment between the partners, usually to reduce to an equitable basis unequal contributions of capital.
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