Accounting for Partnerships

Partnerships are voluntary organizations between two or more people that combine different resources in a business venture. These resources can be money, expertise, personal connections, or experience. Accounting procedures are established to ensure that each partner gets his/her share of the business income or loss. This course explores the accounting methods that pertain to partnerships and the division of its assets.

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This course is intended for individuals who require knowledge of the basics of accounting, who are starting a business or interested in becoming a partner, who are learning to manage the accounting activities of a business, and who need to review accounting principles and procedures. Shareholders or people who are interested in becoming a shareholder can also benefit from this course.

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Setting up a Partnership Account| - identify the advantages of forming a partnership.| - identify the conditions a business must meet for the formation of a new partnership, based on the type of partnership being formed.| - calculate the balance of the capital account, given a scenario.| - apply the steps to make an entry in a withdrawals account.| - determine which accounting entries to use to set up the books for different types of partnerships.|Division of Partnership Earnings| - recognize the importance of properly distributing the earnings of a partnership.| - calculate owner's equity for each partner, using a balance sheet. | - apply the three common methods of calculating owner's equity for each partner.| - calculate the balance in each partner's capital account based on the Changes in Partner's Equity Statement.|Accounting for Changes in a Partnership| - recognize the importance of understanding the accounting for change procedures. | - match each type of new partner addition to examples.| - calculate the bonus that existing partners contribute to admit a new partner, in a given scenario.| - apply the steps to withdraw a partner from a partnership, for a given scenario.| - apply the steps for dissolving a partnership because of a death. | - sequence the steps for the liquidation of a partnership.| - apply the steps for liquidating a partnership, given a scenario.|

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