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Sole Proprietorship and Partnership Accounting

Accounting services for sole proprietorship and partnership businesses are designed in a manner that the businesses can avail bespoke services as per their requirements. We cater to the accounting needs of both sole proprietorship and partnership business at highly competitive prices.

The kind of firm that owned by a single person is termed as sole proprietorship. To begin a business, most of small business owners mostly prefer to choose this form of company formation. Thus, a sole proprietorship is inseparable from its owner and the owner is solely liable for its business profit and loss. The amount of business activities that a sole proprietorship firm involves is considerably lower than any other form of companies and so are the accounting needs. Very basic accounting activities are required to accomplish. Although the requirement is simple and less, it is wise to leave your accounting needs at the hands of professionals as they can handle the things immaculately. SINGAPORE TAXATION is a reliable name in the field of accounting and we are always ready to solve all your accounting related needs with ease.

We assist you with following services:

  • General ledger services
  • Basic accounting assistance
  • Assistance in Tax preparation service

While a single person operates sole proprietorship, partnership business is owned by two or more persons. Accounting for partnership is identical to accounting for a sole proprietorship except the equity. In partnership, each partner has a capital and a withdrawal account and thus accounting for partnership can be more tedious and complex than sole proprietorship. For this type of business, accountants would maintain record of each partner’s separate capital account for investments, withdrawal account and calculate share of net profit and loss accordingly.

SINGAPORE TAXATION offers customer-oriented accounting services to all types of businesses. The professionals are highly qualified and capable of delivering tailored accounting services.

Under partnership accounting section, we deliver following services:

  • Preparation of profit and loss appropriation account and capital account
  • calculation of interest on drawings and capital
  • calculation of interest on partner’s loan to firm
  • capital ratio calculation
  • treatments of past adjustment and joint life policy
  • salary or commission of partners

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