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+--- Thread: Robert Steele - Partnership Accounting (/Thread-robert-steele-partnership-accounting--12694)
Robert Steele - Partnership Accounting - G_P2018 - 09-09-2018
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[/center][center]Robert Steele - Partnership Accounting[/center]
What Will I Learn?
- Process for setting up a partnership
- The allocation of net income to partners
- The recording of partner withdrawals
- Recording the partnership closing process
- Journal entries related to a partner leaving the partnership
- Journal entries related to adding a new partner to the partnership
- The liquidation process for a partnership
- A comprehensive problem on the accounting cycle
- Key terms definitions and explanations related to partnerships
Requirements
We should have a basic understanding of financial accounting and debits and credits
Description
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 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.
We also include a comprehensive problem designed to take a step back and consider all the similarities between business entities so that we can put the differences we have studied in this course into perspective. The comprehensive problem will cover the entire accounting cycle from entering journal entries and posting to the general ledger, to recording adjusting entries and creating the financial statements, to the closing process.
The course also includes definition and key accounting terms related to partnerships.
Code:
http://nitroflare.com/view/0431B9DCF2803E2/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part01.rar
http://nitroflare.com/view/0FF47BB13EDF636/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part02.rar
http://nitroflare.com/view/D2FB8BBCE61A610/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part03.rar
http://nitroflare.com/view/D42CD5AB171C8AC/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part04.rar
http://nitroflare.com/view/29575221A9B788A/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part05.rar
http://nitroflare.com/view/ECD00DECD00B960/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part06.rar
http://nitroflare.com/view/843E780ECC479E9/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part07.rar
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http://nitroflare.com/view/3F0F524718399EA/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part10.rar
http://nitroflare.com/view/68C64C773EEEBAE/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part11.rar
http://nitroflare.com/view/71EB0F86E86A6E1/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part12.rar
http://nitroflare.com/view/304365DE360A987/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part13.rar
http://nitroflare.com/view/9976A5379E0780A/Partnership-Accounting---Robert-Steele-G_P%40FB%2B.part14.rarCode:
https://uploadgig.com/file/download/242aCea8172C33eE/Partnership-Accounting---Robert-Steele-G_PFB.part01.rar
https://uploadgig.com/file/download/f195a7562540793d/Partnership-Accounting---Robert-Steele-G_PFB.part02.rar
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