The Book-keepers Forum (BKF)
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> What accounting rules to put in place when dealing with a partnership in business.
Post Info TOPIC: What accounting rules to put in place when dealing with a partnership in business.
Peter Pan


Veteran Member

Status: Offline
Posts: 32
Date:
What accounting rules to put in place when dealing with a partnership in business.
Permalink Closed

A very good day to all

                                  Please I really need some help/advice.  I have just been asked to verify a $100,000.00 loan account for a business in Australia. What has happened is that the one partner  who is running the business said he has been paying creditors directly out of his own pocket. Unfornuately the money he is now claiming for his loan account  is not one or two large amounts but hundreds of  5, 10, 100 dollar  type of entries. Tracing these small amounts is going to take  forever. So I am asking for help/advice to put some rules in place that will limit  this practice. In a sole ownership of a business this practice might wash but in a partnership it is a real NO NO.  Partnerships are difficult at the best of times. I am hoping with your input to steer  these young chaps onto the right path.

Many Thanks 

Gordon



-- Edited by Peter Pan on Friday 1st of February 2013 09:55:52 PM

__________________
Gordon Thom
Page 1 of 1  sorted by
 
Quick Reply

Please log in to post quick replies.
The Book-keepers Forum (UK) -> General Book-keeping & Accounting -> What accounting rules to put in place when dealing with a partnership in business.
Tweet this page Post to Digg Post to Del.icio.us
Members Login
Username 
 
Password 
    Remember Me  
©2007-2024 The Book-keepers Forum (BKF). All Rights Reserved. The Book-keepers Forum (BKF) is a trading division of Bookcert Ltd. Registered in England Company Number 05782923. 2 Laurel House, 1 Station Rd, Worle, Weston-super-Mare, North Somerset, BS22 6AR, United Kingdom. The Book-keepers Forum and BKF are trademarks of Bookcert Ltd. This forum is a discussion forum only. There will usually be more than one opinion to any question and any posting should not be viewed as a definitive solution. No responsibility for loss occasioned to any person acting or refraining from action as a result of any posting on this site is accepted by the contributors or The Book-keepers Forum. In all cases, appropriate professional advice should be sought before making a decision. We reserve the right to remove any postings which are offensive, libellous, self-promoting or engaged in covert marketing. We will not notify users of removals. The views expressed in the forum posts are those of the individual and do not necessary reflect or agree with those of The Book-keepers Forum. Any offensive or unsuitable posts will be removed by the moderators. Any reader of this forum can request for a post to be looked into by sending an email to: bookcertltd@gmail.com.

Privacy & Cookie Policy  About