18 April 2007
We have recently taken over a client where a surgery property is owned equally by three individuals: two practising doctors (GPs) and one outside party (non-GP). The surgery was acquired some ten years ago and the full cost of the surgery property is shown in the partnership surgery accounts with the full related loan. The accounting year end of the medical practice is 30 June. The one-third interest of the owner who is not a GP is adjusted via a capital account each year for capital loan repayments/notional rent received and loan interest paid.
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