basic of commerce and panterahips final account basic
Hi Candidate,
It's good to hear that you have interest in Final account balance and Commerce studies. So, let's first discuss about Final account.
Final Account
Final accounts gives an idea about the profitability (https://en.m.wikipedia.org/wiki/Profit_(accounting)) and financial position of a business (https://en.m.wikipedia.org/wiki/Business) to its management, owners, and other interested parties. All business transactions (https://en.m.wikipedia.org/wiki/Business_transaction_management) are first recorded in a journal (https://en.m.wikipedia.org/wiki/Daybook) . They are then transferred to a ledger (https://en.m.wikipedia.org/wiki/Ledger) and balanced.
Now let's know something about Commercial Partnership-
Commercial Partnership-
A partnership is a formal arrangement by two or more parties to manage and operate a business and share its profits. ... In particular, in a partnership business, all partners share liabilities and profits equally.
Hope that you have got your answer!!
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