Accounting for IGCSE & O level - Preparation Of Financial Statements (Section 15 - No. 22)
What is the order of accounting in partnerships?
Income statement, statement of financial position, appropriation account
Appropriation account, income statement, statement of financial position
Income statement, appropriation account, statement of financial position
Statement of financial position, appropriation account, income statement
Explanation
The usual order is to prepare the income statement first, then the appropriation account (if applicable), and finally the statement of financial position.
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