Short answer questions on Unit 5

Pheobe1

Can anyone help me on some quick and basic answers to these 2 questions please?


1. How can a partnership's asset register be improved so as to provide sufficient info for better control over fixed asstes.

2. What does a debit balence on a partners current account indicate?


Thanks to any one who can help.:crying:

DAW1986

An Asset register could include the description of the asset, the date of acquisition, the cost of the item, the depreciation charge, the accumulated depreciation, the current and previous years NBV, the disposal date the disposal proceeds.

And the debit on the current account is what the partner owes the company i think. (might not be right, but i've not been in work or study this week and i'm fogetting everything for christmas :))

Nicolaw1702

a debit balance on a partners current account is definately what the partners owe back to the company,