Partnership Accounts

Contents & notes: what this topic covers

Under Partnership Accounts, the JAMB Principles of Accounts syllabus expects you to study:

• 15. Partnership Accounts a. Formation of partnership b. Partners current and capital accounts c. Partnership final accounts: i. profit or loss account ii. appropriation account

Study notes & guidance

Study Partnership Accounts using a recommended Principles of Accounts textbook that follows the JAMB syllabus. Work through the contents listed above one by one, make brief notes in your own words, and then practise as many questions on this topic as you can — in Principles of Accounts, understanding and steady practice matter far more than memorising. Use the objectives below as a checklist: if you can do each one confidently, you have mastered this topic.

Objectives — candidates should be able to

After studying Partnership Accounts, you should be able to:

1. Understand the procedures for the formation of partnership;
2. Identify the accounts maintained for partnership business;
3. Determine the effects of admission and retirement of a partner;
4. Determine profit or loss on revaluation of assets; and
5. Determine the partners’ share of profit or loss on dissolution.

These objectives are from the official JAMB syllabus. Use them as a checklist — if you can do each one confidently, you have mastered this topic.

Source: official JAMB UTME Principles of Accounts syllabus (IBASS, jamb.gov.ng). Reproduced for study use. Last checked: 17 Sept 2026. Always confirm the current syllabus on the official portal.