UNIVERSITY OF ILORIN

DEPARTMENT OF ACCOUNTING

GROUP ASSIGNMENT
COURSE TITLE: PRINCIPLES OF ACCOUNTING

COURSE CODE: ACC 201

LECTURER IN-CHARGE: MR YUNUS

TOPIC: PARTNERSHIP ACCOUNT

RESEARCHED AND COMPILED BY:

NAMES AND REG NUMBERS

 PARTNESHIP ACCOUNT
Definition: Section 1 of the Partnership Act 1890 definbed Partnership “as a relationship
which subsists between two to twenty people carrying on a business in common with a
view of profit making and the sharing exercise being confined ito only members in the
partnership deed”.

EXAMPLES OF PARTNERSHIP

1. Williams and Co (estate agents)

2. Adejumo and Co (law chamber)

FEATURES OF PARTNERSHIP

1. Capital is from member’s contribution: The source of capital of a partnership is

from the contribution of individual partners
2. Unlimited liabilities for partners: There is usually an unlimited liability for
partners. They are liable for the debts of the business.