Partnership tax return

[bagpuss]

Hi
My BIL has set up a partnership and has asked me to prepare accounts and complete Form1 for revenue. (I am a part qualified accountant)
Are these accounts similiar to normal P & L?

Secondly, I had a look at the revenue site and Form 1 mentions Case I/II.
Where would I find info on preparing the return.

I have done tax returns and accounts for limited companies but don't want to mess this up for him.

Would he be better getting a qualified accountant to do this?

 

[Joe_90]

The P&L of the partnership is the same as any set of accounts. You will need to deal with capital introduced, drawings and profit apportionment seperately for each partner.
The Form 1 is the partnership return and discloses the details of the trade to the Revenue.
Each partner has to file a Form 11 with their share of the partnership profits together with any other source of income.
If you are unsure ask one of the seniors in your office to look over the accounts, comps and returns for you as your doing a favour for your BIL. But be sure the everything is reconciled properly. PM if you get stuck.