Sole Proprietorship and Partnership Accounting

Registering sole proprietorship and partnership firms in Singapore is a common practice. Hence, with our partnership accounting Singapore services along with the provision of proprietorship services, we cater the financial reporting needs of such firms in a cost-efficient manner.

A sole proprietorship is a form of business enterprise owned by a Single person. Many small businesses tend to start their business in the form of sole proprietorship. Accounting work of this form of business are relatively simple and do not usually require extensive amount of paper work. Regardless of sizes, accounting can never be easy if not done efficiently in a timely manner. So, engaging a professional accounting firm even in sole proprietor can be fruitful for business owners.

At accountingservice.com.sg, we offer following accounting services for sole proprietorship:

• Maintain General Ledger
• Keep record of basic accounting
• Tax preparation of sole proprietorship

While sole proprietorship accounting is relatively a simple and easy concept, maintaining book of accounts of a partnership business can be a daunting task. Accounting for a partnership business involves various complicated steps and activities which have to be done in a systematic and error free way. Hence, it is advisable to take assistance of trusted accounting firm in this regard.

Except the number of partners’ equity accounts, accounting for a proprietorship is the same as sole proprietorship accounting. In partnership accounting, professionals would maintain record of each partner’s separate capital account for investments, share of net profit and loss and withdrawal account.

Accountingservice.com.sg has a team of professional accountants having highly experienced and knowledge in their respective fields. They use their extensive knowledge and expertise to ensure that Singapore accounting services are handled in truly an efficient manner.

Our accounting services for partnership business include:

• Preparation of profit and loss appropriation account and capital account
• Assist in calculating of interest on drawings and capital
• Calculation of salary or commission to partners
• Assess the calculation of capital ratio and interest on partner’s loan to firm
• Treatment of past adjustment
• Calculation of guarantee of minimum profit to a partner