TAILIEUCHUNG - Lecture Principles of financial accounting - Chapter 12: Accounting for partnerships

After studying chapter 12 you will be able to understand: Identify characteristics of partnerships and similar organizations, compute partner return on equity and use it to evaluate partnership performance, prepare entries for partnership formation, allocate and record income and loss among partners, account for the admission and withdrawal of partners, prepare entries for partnership liquidation. | Chapter 12 Accounting for Partnerships Chapter 12: Accounting for partnerships Partnership Form of Organization Partnership Agreement Voluntary Association Limited Life Taxation Unlimited Liability Mutual Agency Co-Ownership of Property C 1 Probably, the first thing new partners should do is prepare a partnership agreement. Without such an agreement, the Uniform Partnership Act will govern many of the key financial questions faced by the partners. A partnership has a limited life. Unless provision is made to the contrary, a partnership ceases to exist upon the death of a partner, the withdrawal of a partner, or the admission of a new partner. In a general partnership, each partner has unlimited liability for the acts of all other partners. Income or loss of the partnership flows through to the individual partners. Income or loss from the partnership is taxed as any other income received by an individual. Let’s look at three special types of partnerships. Organizations with .

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