There are no prerequisites.

Course Description

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.


Steven M. Bragg, CPA

Steven M. Bragg, CPA, is a full-time book and course author who has written more than 70 business books. He provides Western CPE with self-study courses in the areas of accounting and finance, with an emphasis on the practical application of accounting standards and management techniques. A sampling of his courses include the The New Controller Guidebook, The GAAP Guidebook, Accountants’ Guidebook, and Closing the Books: An Accountant’s Guide. He also manages the Accounting Best Practices podcast.

Steven has been the CFO or controller of both public and private companies and has been a consulting manager with Ernst & Young and an auditor with Deloitte & Touche. He holds an MBA from Babson College, a Master of Finance from Bentley College, and a BA from the University of Maine (summa cum laude).

Course Specifics

Dec 7, 2017
There are no prerequisites.

Compliance Information

Qualifies for CA Fraud: No

Learning Objectives

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

Learning Objectives


Partnership Advantages and Disadvantages

The Partnership Agreement

Structure of Accounts

Timing Issues

Partnership Recordkeeping

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

Income Taxes

Tax Reporting

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

Partner Loans

Liquidations with Interim Payments


Review Questions

Review Question Answers and Rationales



Final Examination

Answer Sheet

Course Evaluation


Choose Your Preferred Format

Online Access

Get immediate access to a robust collection of learning and reference materials, allowing you to dive deep into the information you need. Our self-study materials are authored by top-quality, industry experts who focus on helping you grasp concepts quickly using real-life examples. Download your CPE to any device, and take it with you so you can learn when and wherever you want. Complete your CPE with an online exam, and enjoy instant grading with the option to print your certificate immediately upon passing.

online access
Hard Copy

Our self-study materials are authored by top-quality, industry experts. You’ll receive a bound notebook of all the course materials, shipped to you within one business day. In addition, you’ll also have full online access. Each self-study package includes a robust collection of learning and reference materials to help you cover the information efficiently and put it into practice immediately.

hard copy
Self-Study Video

Experience high-quality instruction with our Self-Study Videos, available to you 24/7. With more than 80+ videos currently in the Western CPE Self-Study Video library, you can see and hear our expert instructors deliver the information you need in a dynamic way that allows you to immediately apply your learning. Unlike a live course or webcast, you can complete the course on your own time, playing and pausing as needed. Self-Study Videos allow you to complete your CPE requirements on your own time.

hard copy

Back to top