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Partnership Formation
Ease of
formation
Contractual
Limited life
agreement
Mutual agency
Ind. + Ind.
Assignment of
Ind./Sole Prop +
2 or more persons Partners
Sole Proprietor
Interest
Old Partnership
+ new
partnership
Current exchange
Definition
rate
Cash
Est. recoverable
amount
Memorandum
Industry
entry
Partnership
Sharing of
Divide profit profits and
losses Bonus
Proprietary
Capital Account
Theory
Underlying Goodwill
Theories
Separate legal
Entity Theory Drawing
personality
Loan to Partner/
Interest Income
s (Receivable)
Unlimited
General Loans
liability Loan by the
Types Partnership Interest Expense
(Payable)
Limited
Capital Accounts
Permanentcapital Initial/additional
withdrawalor investment
excessive/irregular Shareinnet
withdrawal income
Shareinnetloss
Drawing Accounts
Personal
withdrawalsin
anticipationof
profits
Periodic
withdrawals
Set-up of Books
Individual+Individual(firsttime)
Investments
Newsetofbooksforthepartnership
Individual/SoleProprietor+SoleProprietorship
AdjustingandclosingentriesinthebookoftheSoleProprietor/s
Investments
Caneitherbenewsetofbooksorretainthebookofeithertheindividual/soleproprietor
OldPartnership+NewPartnership
Adjustingandclosingentriesinthebookofbothpartnerships
Investments
Caneitherbenewsetofbooksorretainthebookofeitherpartner
Problem 1.1
Problem 1.2
Problem 1.3
Problem 2
Problem 3.a
Problem 3.2
Problem 4.1