Accounting - What is a partnership and how are partnerships accounted for?

In this video I walk you through exactly what a partnership is in finance and accounting.
This is similar to a sole trader and is an unincorporated business. Here I discuss how profits are calculated, how they are split, where they are accounted for in the financial statements and how we can account for them.
The partnership act of 1890 details what a partnership is and a partnership agreement can add to this which details interest on capital and drawings as well as commissions and salaries.
Here I detail how we can account for the various different items and put together an appropriation account and a current account with an example at the end.
This video would help an individual sole trader in the UK who is looking to move to a partnership as well as an individual already within a partnership or someone looking to learn finance and accounting.
If you would like to support me in my endeavours to help accounting and finance students you can now do so through Patreon :) - all support is greatly appreciated x
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[@shonagillies5072]

This was really helpful, thanks!

[@RebeccasFinanceTutorials]

Thank you Shona that means a lot :) x

[@MarkGoddard-yb7yy]

Thank you very helpful.

[@RebeccasFinanceTutorials]

You're most welcome hun

[@Trouty750]

We are trying to open a partnership business account but are having difficulties with any bank having this option

[@RebeccasFinanceTutorials]

Hi Marc have you tried starling bank x

[@Trouty750]

@@RebeccasFinanceTutorials yes they don't support self employed partnerships only ltd partnerships