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1.31 1

A. When preparing Partnership financial statements profit is allocated as follows:

1) Trial balance

a. Profit of the year should be allocated through an adjustment to each partner’s current account in accordance with their % share in the profits. The other side to this entry should be in an account which is mapped in the same mapping as the NETINC account.

2) Statement of Profit or Loss

a. The following table is used for the allocation of the profit between the partners:

b. The option ** Different % this year from last year ** is used where the comparative % column is to be printed
c. The button ‘Change % decimal points’ may be used for changing the number of decimals for the %ages where these are not round figures.
d. Partners’ salaries amounts entered in the above table, change the profit allocation as only the remaining profit balance is allocated based on their respective share %.

1.31 2

3) Notes to the financial statements - Partners' current accounts

1.31 3

a. Opening and closing balances are automatically calculated from the TB
b. The profit for the year line is linked to the profit allocation table after the Statement of Profit or Loss
c. Any amounts entered in the rows with the input cells are automatically deducted/added to/from the line ‘Drawings’
d. The option ‘multiple accounts for each partner’ replaces the above table with another one where the balance for each partner can be broken down to more than one types of account.
e. The salary amounts entered in this table are not an allocation of profit. They are part of expenses deducted from net profit for the year. Mapping numbers referring to Directors’ salaries should be used for Partners salaries (Map no 5.T.1. 1, 5.T.2. 1 and 5.T.2. 2)

4) Tax computation

a. The following table is used for the allocation of the taxable profit between the partners:

1.31 4


b. The button ‘Change % decimal points’ in the table under 2) above will affect the number of decimals for the %ages in this table as well.
c. Any partner salaries posted in the books as part of expenses must be added back in the tax computation as they are not allowable for tax purposes and then entered in the table above.
d. Partners’ salaries amounts entered in the above table, change the chargeable profit allocation and only the remaining profit balance is allocated based on their respective % share.

 

 

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