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Lecture Principles of accounting (2005): Chapter 13 - Needles, Powers, Crosson

Chapter 13 - Partnerships. Chapter 13 discusses the characteristics of the partnership form of business and examines accounting issues relating to the formation, division of income, dissolution, and liquidation of partnerships. | Partnerships Multimedia Slides by: Gail A. Mestas, MAcc, New Mexico State University Chapter 13 13– Learning Objectives Identify the characteristics, advantages, and disadvantages of the partnership form of business. Record partners’ investments of cash and other assets when a partnership is formed. 13– Learning Objectives Compute and record the income or losses that partners share, based on stated ratios, capital balance ratios, and partners’ salaries and interest. Record a person’s admission to or withdrawal from a partnership. Compute the distribution of assets to partners when they liquidate their partnership. 13– Partnership Characteristics Objective 1 Identify the principal characteristics, advantages, and disadvantages of the partnership form of business 13– Partnership an association of two or more persons to carry on as co-owners of a business for profit Defined by the Uniform Partnership Act, which has been adopted by most states Treated as a separate . | Partnerships Multimedia Slides by: Gail A. Mestas, MAcc, New Mexico State University Chapter 13 13– Learning Objectives Identify the characteristics, advantages, and disadvantages of the partnership form of business. Record partners’ investments of cash and other assets when a partnership is formed. 13– Learning Objectives Compute and record the income or losses that partners share, based on stated ratios, capital balance ratios, and partners’ salaries and interest. Record a person’s admission to or withdrawal from a partnership. Compute the distribution of assets to partners when they liquidate their partnership. 13– Partnership Characteristics Objective 1 Identify the principal characteristics, advantages, and disadvantages of the partnership form of business 13– Partnership an association of two or more persons to carry on as co-owners of a business for profit Defined by the Uniform Partnership Act, which has been adopted by most states Treated as a separate accounting entity from its owners Legally, there is no economic separation between a partnership and its owners 13– Voluntary Association A partnership is a voluntary association of individuals rather than a legal entity in itself Therefore, A partner is responsible under the law for his or her partners’ actions within the scope of the business A partner has unlimited liability for the debts of the partnership It is important to select partners who share the same business objectives 13– Partnership Agreement Two or more competent individuals agree to be partners in a common business purpose Does not have to be in writing Good business practice calls for a written document that clearly states the details of the agreement 13– Partnership Agreement (cont’d) Important components of a partnership agreement include Name, location, and purpose of business Names of partners and their respective duties The investments of each partner Method of distributing income and losses Procedures .