OUTCOMES OF TOPIC After studying this topic on the introduction and taxation of partnerships you, should be able to: ✓ Understand the basic working of a partnership; ✓ Understand the basic legal considerations of a partner ship; ✓ Understand the principles related to the taxation of partnership profits. ✓ Understand the VAT consequences of partnerships; ✓ Understand who will be connected persons of a partnership and the impact of connected person transactions that are entered into; ✓ Understand the accounting treatment of partnership income and expenses; and ✓ Understand how the apportionment of partnership profit is recorded in the financial statements.
OUTCOMES OF TOPIC After studying this topic on the introduction and taxation of partnerships you, should be able to: ✓ Understand the basic working of a partnership; ✓ Understand the basic legal considerations of a partner ship; ✓ Understand the principles related to the taxation of partnership profits. ✓ Understand the VAT consequences of partnerships; ✓ Understand who will be connected persons of a partnership and the impact of connected person transactions that are entered into; ✓ Understand the accounting treatment of partnership income and expenses; and ✓ Understand how the apportionment of partnership profit is recorded in the financial statements.