Financial Accounting #11 Partnership Accounting Concepts

Learn accounting concepts related to partnership organizations, including how to account for different profit-sharing agreements, adding a new partner, removing a partner, and liquidation from a practicing CPA, CGMA, CPI, with B.S.Tax.

Financial Accounting #11 Partnership Accounting Concepts

Learn accounting concepts related to partnership organizations, including how to account for different profit-sharing agreements, adding a new partner, removing a partner, and liquidation from a practicing CPA, CGMA, CPI, with B.S.Tax.
17
views
1
Save
Share the link to this page
Copied

About the Class

Partnership accounting will cover accounting topics related to a partnership form of business entity.

This partnership course will focus on the accounting issues that are different in a partnership as compared to other types of entities like a sole proprietorship or corporations. As we focus on the differences, we always want to keep in mind the similarities in accounting for different business entities. Most of what we have learned about the double-entry accounting system and day to day accounting transactions in prior courses will remain the same. We are concentrating on the areas that will different because the differences are where the new information lies.

We will start by defining what a partnership is and comparing the characteristics of a partnership with other business entities. Understanding one business entity and its components are often best learned by contrasting them with the attributes of others, always considering the relative pros and cons, thinking of situations and circumstances that would benefit one form of the business entity over another.

The course will discuss the process for setting up a new partnership, typically starting with the partners contributing capital to the partnership, requiring us to record the contribution and the capital accounts.

We will discuss the allocation of net income to the partners, one of the primary differences between a partnership type of entity and other types of entities. There is a lot of flexibility for net income allocation in a partnership, and this is one of its primary benefits.

The course will cover the recording of partnership draws, how to record them, as well as the closing process for a partnership. The steps of the closing process will be much the same as those for any business entity except for the allocation of net income to the partners.

We will consider the situation where a partner leaves a partnership or where a new partner is added. The transactions related to a partner leaving or being added is unique to a partnership entity.

The course will cover a partnership liquidation process or closing process. The liquidation process is a very useful exercise for any entity because it allows us to do take apart a business. We have discussed the process of putting new busses together in prior courses, but to fully understand how something works we must also take it apart. The liquidation process is particularly important for a partnership entity because it emphasizes the capital accounts and the process necessary to reduce the likelihood of problems during the process.

Author

Robert Bob Steele Cpa Cgma M S Tax Cpi Has A Account

Certified Public Accountant (CPA) CGMA M.S.tax CPI
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his. Mr. Steele has experience working as a practicing Certified Public Accountant...

School

Robert Bob Steele Cpa Cgma M S Tax Cpi Has A Account's School

Requirements

There are no additional requirements.

Class Contents

One-time Fee
$19.99
List Price:  $200
You save:  $180.01
€18.73
List Price:  €187.45
You save:  €168.71
£16.16
List Price:  £161.69
You save:  £145.53
CA$27.58
List Price:  CA$275.99
You save:  CA$248.40
A$31.15
List Price:  A$311.72
You save:  A$280.56
S$27.21
List Price:  S$272.25
You save:  S$245.04
HK$156.55
List Price:  HK$1,566.29
You save:  HK$1,409.73
CHF 18.20
List Price:  CHF 182.10
You save:  CHF 163.89
NOK kr220.24
List Price:  NOK kr2,203.58
You save:  NOK kr1,983.33
DKK kr139.96
List Price:  DKK kr1,400.36
You save:  DKK kr1,260.39
NZ$33.95
List Price:  NZ$339.67
You save:  NZ$305.72
د.إ73.41
List Price:  د.إ734.54
You save:  د.إ661.12
৳2,189.05
List Price:  ৳21,901.50
You save:  ৳19,712.44
₹1,666.57
List Price:  ₹16,674.08
You save:  ₹15,007.50
RM95.63
List Price:  RM956.80
You save:  RM861.16
₦25,927.03
List Price:  ₦259,400
You save:  ₦233,472.97
₨5,551.09
List Price:  ₨55,538.73
You save:  ₨49,987.63
฿735.38
List Price:  ฿7,357.48
You save:  ฿6,622.10
₺649.38
List Price:  ₺6,497.12
You save:  ₺5,847.73
B$104
List Price:  B$1,040.62
You save:  B$936.61
R385.70
List Price:  R3,858.96
You save:  R3,473.26
Лв36.71
List Price:  Лв367.30
You save:  Лв330.59
₩27,476.15
List Price:  ₩274,899
You save:  ₩247,422.84
₪75.60
List Price:  ₪756.42
You save:  ₪680.81
₱1,150.88
List Price:  ₱11,514.59
You save:  ₱10,363.71
¥3,090.95
List Price:  ¥30,925
You save:  ¥27,834.04
MX$341.83
List Price:  MX$3,420.10
You save:  MX$3,078.26
QR72.77
List Price:  QR728.15
You save:  QR655.37
P277.03
List Price:  P2,771.75
You save:  P2,494.71
KSh2,622.93
List Price:  KSh26,242.43
You save:  KSh23,619.50
E£964.01
List Price:  E£9,644.94
You save:  E£8,680.93
ብር1,133.33
List Price:  ብር11,339.05
You save:  ብር10,205.71
Kz16,731.63
List Price:  Kz167,400
You save:  Kz150,668.37
CLP$19,038.09
List Price:  CLP$190,476.19
You save:  CLP$171,438.09
CN¥144.71
List Price:  CN¥1,447.86
You save:  CN¥1,303.14
RD$1,177.05
List Price:  RD$11,776.39
You save:  RD$10,599.34
DA2,690.51
List Price:  DA26,918.60
You save:  DA24,228.08
FJ$45.52
List Price:  FJ$455.49
You save:  FJ$409.96
Q155.13
List Price:  Q1,552.12
You save:  Q1,396.99
GY$4,173.15
List Price:  GY$41,752.47
You save:  GY$37,579.31
ISK kr2,815.70
List Price:  ISK kr28,171.12
You save:  ISK kr25,355.42
DH202.06
List Price:  DH2,021.68
You save:  DH1,819.61
L358.02
List Price:  L3,582
You save:  L3,223.97
ден1,154.28
List Price:  ден11,548.66
You save:  ден10,394.37
MOP$160.92
List Price:  MOP$1,610.06
You save:  MOP$1,449.13
N$383.26
List Price:  N$3,834.53
You save:  N$3,451.27
C$738.83
List Price:  C$7,392
You save:  C$6,653.16
रु2,664.09
List Price:  रु26,654.23
You save:  रु23,990.14
S/74.42
List Price:  S/744.59
You save:  S/670.17
K75.97
List Price:  K760.09
You save:  K684.11
SAR74.99
List Price:  SAR750.28
You save:  SAR675.28
ZK512.12
List Price:  ZK5,123.84
You save:  ZK4,611.71
L93.34
List Price:  L933.88
You save:  L840.53
Kč473.75
List Price:  Kč4,739.90
You save:  Kč4,266.14
Ft7,404.57
List Price:  Ft74,082.77
You save:  Ft66,678.20
SEK kr218.16
List Price:  SEK kr2,182.73
You save:  SEK kr1,964.56
ARS$17,348.41
List Price:  ARS$173,570.98
You save:  ARS$156,222.56
Bs138.12
List Price:  Bs1,381.94
You save:  Bs1,243.81
COP$78,358.25
List Price:  COP$783,974.51
You save:  COP$705,616.25
₡10,017
List Price:  ₡100,220.20
You save:  ₡90,203.19
L492.43
List Price:  L4,926.85
You save:  L4,434.41
₲147,567.43
List Price:  ₲1,476,412.58
You save:  ₲1,328,845.14
$U767.50
List Price:  $U7,678.85
You save:  $U6,911.35
zł80.85
List Price:  zł808.99
You save:  zł728.13

What's Included

Language: English
Level: All levels
Skills: Partnership Setting Up, New Partnership Entries, Journal Entries, Liquidation Process, Accounting Cycle, Partnership Withdrawals, Net Income Allocation, Partnerships Definitions and Explanations, Partnership Closing Process
Age groups: All ages
Duration: 10 hours 55 minutes
76 Videos
11 Documents
1
Save
17
Views
This class has not been saved

Sign Up

Share

Share with friends, get 20% off
Invite your friends to LearnDesk learning marketplace. For each purchase they make, you get 20% off (upto $10) on your next purchase.