• 1 Marks

FA – May 2013 – L1 – SA – Q16 – Partnership Accounts

This question tests the knowledge of accounts kept by a partnership.

Which of the following accounts will NOT be kept by a partnership?

A. Statement of Financial Position
B. Current Account
C. Realisation Account
D. Statement of Profit or Loss and other comprehensive income
E. Income and Expenditure Account

E. Income and Expenditure Account

Explanation:
A partnership does not prepare an Income and Expenditure Account, which is used for not-for-profit entities.

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