Many aspects of accounting for a partnership are the same as for a corporation. However, there are some variant features in partnership accounting. This course focuses on the accounting for all types of transactions that are unique to a partnership. Topics covered include the contribution of funds to a partnership, capital accounts, the allocation of profits and losses to partners, the admission of a new partner into a partnership, and the liquidation of a partnership.
Upon successful completion of this course, participants will be able to:
- Identify the uses to which a capital account is put.
- Describe the accounting for the various partnership-related transactions.
- Cite the proper treatment of income taxes in a partnership.
- Note the proper accounting treatment when a partner retires.
- Describe the process flow for a partnership liquidation.
Table of Contents
Partnership Advantages and Disadvantages
The Partnership Agreement
Structure of Accounts
The Essential Accounting for Partnerships
Contribution of Funds
Contribution of Other than Funds
Salaries and Salary Allowances
Interest on Capital Balances
Withdrawal of Funds
Withdrawal of Assets
Allocation of Profit or Loss
Case Study for Standard Partnership Operations
Admission of a New Partner to the Partnership
Retirement of a Partner
Liquidation of a Partnership
Basic Liquidation Process
Partner Negative Account Balance
Liquidations with Interim Payments
Review Question Answers and Rationales
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