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  2. Partnership accounting - Wikipedia

    en.wikipedia.org/wiki/Partnership_accounting

    If a partner invested an asset other than cash, an asset account is debited, and the partner's capital account is credited for the market value of the assets. If a certain amount of money is owed for the asset, the partnership may assume liability. In that case an asset account is debited, and the partner's capital account is credited for the ...

  3. Accounting equation - Wikipedia

    en.wikipedia.org/wiki/Accounting_equation

    The fundamental components of the accounting equation include the calculation of both company holdings and company debts; thus, it allows owners to gauge the total value of a firm's assets. However, because accounting is kept on a historical basis, the equity is typically not the net worth of the organization. Often, a company may depreciate ...

  4. Partnership taxation in the United States - Wikipedia

    en.wikipedia.org/wiki/Partnership_taxation_in...

    Under Section 723, a partnership's 'inside basis' is the adjusted basis of the contributed property or the value of the contributed cash. "Generally the sum of the partner's outside basis will equal to the partnership's inside basis in its assets". [16] A simple example of capital accounts: A, B, C are equal partners in ABC partnership. A ...

  5. How to Calculate a Business Owner’s Salary - AOL

    www.aol.com/finance/calculate-business-owner...

    An owner’s draw is not subject to payroll taxes, but you will pay self-employment taxes on your share of the business profits through your personal tax return.

  6. What Is Owner’s Equity? - AOL

    www.aol.com/news/owner-equity-175326187.html

    Owner's equity is the value of a business that the owner can claim, and it consists of the firm's total assets minus its total liabilities. Both the amount of owner's equity and how much it has ...

  7. Statement of changes in equity - Wikipedia

    en.wikipedia.org/wiki/Statement_of_changes_in_equity

    A statement of changes in equity and similarly the statement of changes in owner's equity for a sole trader, statement of changes in partners' equity for a partnership, statement of changes in shareholders' equity for a company or statement of changes in taxpayers' equity [1] for government financial statements is one of the four basic financial statements.

  8. Equity (finance) - Wikipedia

    en.wikipedia.org/wiki/Equity_(finance)

    In financial accounting, the equity is derived by subtracting its liabilities from its assets. For a business as a whole, this value is sometimes referred to as total equity, [3] to distinguish it from the equity of a single asset. The fundamental accounting equation requires that the total of liabilities and equity is equal to the total of all ...

  9. IAS 16 - Wikipedia

    en.wikipedia.org/wiki/IAS_16

    An asset should also be impaired in accordance with IAS 36 Impairment of Assets if its recoverable amount falls below its carrying amount. [1] Recoverable amount is the higher of an asset's fair value less costs to sell and its value in use (estimate of future cash flows the entity expects to derive from the asset).

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