Accounts Preparation for Partnership Businesses

Our accounts preparation for partnerships businesses in Medway, Swale and Kent helps provide the financial clarity for informed decision-making, tax compliance and maintaining trust among partners.

How we help prepare accounts for partnership businesses

Record-Keeping and Transaction Tracking

Our team assist partnerships maintain comprehensive records of all partnership transactions, including sales, purchases, expenses, assets, liabilities, and capital introduced or withdrawn by each partner.

This detailed bookkeeping underpins the accuracy of the year-end accounts and ensures that each partner’s financial interests are properly tracked.

Preparation of Financial Statements

At the end of the financial year, we prepare a set of core financial statements that include:

• Income Statement (Statement of Profit or Loss): This details your partnership’s revenues, expenses, and resulting profit or loss for the year. This also includes partners’ salaries or interest on capital that are not included in the main income statement but are considered in the profit-sharing arrangements.
• Balance Sheet (Statement of Financial Position): This provides a snapshot of the partnership’s assets, liabilities, and partners’ equity at year-end, showing the business’s overall financial health
• Statement of Partners’ Equity/Current Accounts: This tracks each partner’s share of profits, capital contributions, drawings, and other adjustments as specified in the partnership agreement

Profit Allocation and Tax Compliance

We prepare a “division of profit” statement to show each partner’s share, ensuring clarity and fairness. Drawings by partners are recorded separately and do not affect the profit calculation.

While general partnerships are not legally required to file statutory accounts, accurate accounts are essential for completing the annual partnership tax return and supporting each partner’s individual tax filings.

For some qualifying or limited liability partnerships, statutory accounts must be prepared in line with company law and accounting standards.

Contact us about partnership accounts