TAILIEUCHUNG - Lecture Accounting (6th edition): Chapter App K - Kimmel, Weygandt, Kieso

Chapter App K - Accounting for partnerships. After completing this unit, you should be able to: Discuss and account for the formation of a partnership, explain how to account for net income or net loss of a partnership, explain how to account for the liquidation of a partnership, prepare journal entries when a partner is either admitted or withdraws. | Accounting for Partnerships Kimmel ● Weygandt ● Kieso Accounting, Sixth Edition K Explain how to account for net income or net loss of a partnership. CHAPTER OUTLINE Discuss and account for the formation of a partnership. 1 2 LEARNING OBJECTIVES Explain how to account for the liquidation of a partnership. 3 Prepare journal entries when a partner is either admitted or withdraws. 4 Partnership: An association of two or more persons to carry on as co-owners of a business for profit. Type of Business: Small retail, service, or manufacturing companies. Accountants, lawyers, and doctors. LEARNING OBJECTIVE Discuss and account for the formation of a partnership. 1 LO 1 Association of Individuals Legal entity. Accounting entity. Net income not taxed as a separate entity. Mutual Agency Act of any partner is binding on all other partners, so long as the act appears to be appropriate for the partnership. CHARACTERISTICS OF PARTNERSHIPS LO 1 Limited Life Dissolution occurs whenever a partner withdraws or a new partner is admitted. Dissolution does not mean the business ends. Unlimited Liability Each partner is personally and individually liable for all partnership liabilities. CHARACTERISTICS OF PARTNERSHIPS LO 1 Co-Ownership of Property Each partner has a claim on total assets. This claim does not attach to specific assets. All net income or net loss is shared equally by the partners, unless otherwise stated in the partnership agreement. CHARACTERISTICS OF PARTNERSHIPS LO 1 All of the following are characteristics of partnerships except: co-ownership of property. mutual agency. limited life. limited liability. Question CHARACTERISTICS OF PARTNERSHIPS LO 1 Special partnership forms are: Limited Partnerships, Limited Liability Partnerships, Limited Liability Companies, and “S” Corporations. ILLUSTRATION K-2 Advantages and disadvantages of a partnership ORGANIZATIONS WITH PARTNERSHIP CHARACTERISTICS LO 1 Under which of the following business organization forms do limited .

• Kế toán - Kiểm toán
• Lecture Accounting
• Financial statements
• Business organization
• Accounting information
• Accounting for partnerships
• Financial accounting
• Lecture Financial accounting
• Management accounting
• Accounting standards
• Accounting equation
• Intermediate accounting
• Lecture Intermediate accounting
• Accounting process
• Accounting processing cycle
• Managerial accounting
• Accounting principles
• Fundamental accounting principles
• Lecture Fundamental accounting principles
• Merchandising operations
• Lecture Accounting 1
• Accounting for main transactions
• Accounting for purchases
• Accounting for sales
• Accounting for expenses
• Principle of accounting
• Lecture Principle of accounting
• The basic accounting equation
• Transaction analysis in accounting equation
• Calculate the accounting equation
• Lecture Advanced financial accounting
• Bài giảng Kế toán tài chính nâng cao
• Advanced financial accounting
• Accounting policies
• Accounting estimate
• Retrospective application
• Changes in accounting estimates
• Retrospective restatements
• Accounting assumptions
• Lecture Management accounting
• Bài giảng Kế toán quản trị
• Nature of management accounting
• Component of accounting system
• Financial system
• Lecture Accounting and financial system
• Ledger accounting
• Trial balance
• Completing the accounting cycle
• Accounting cycle
• Accounting worksheet
• Classified balance sheet
• Accounting changes
• Error corrections
• Accounting choices
• Accounting for business
• Lecture Accounting for business
• Accounting entity
• Classification of assets
• Accounting equation transactions