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Lecture Advanced accounting (6th Edition): Chapter 15 - Jeter, Chaney

Chapter 15 – Partnerships: Formation, operation, and ownership changes. Of the three kinds of business organization, the partnership is probably the least studied. In the next two chapters, you will learn how to account for the formation of a partnership, how to allocate income, how to change equity interests, and finally how to dissolve the partnership. | Partnerships: Formation, Operation and Ownership Changes 1 Learning Objectives Describe the characteristics of a general partnership, a limited partnership, and a joint venture. List some important items to be included in the partnership agreement. Understand the differences between partnerships’ and corporations’ equity accounts in the balance sheet. Explain the purpose of the partners’ drawing accounts and capital accounts. Prepare journal entries to form a partnership using the bonus and the goodwill methods. 2 Learning Objectives Describe some common agreements used to allocate partnership net income or loss. Explain why salary allowances and interest allowances are used in allocating partnership profits and losses. Describe the methods used to record partnership changes when a new partner is admitted or when a partner withdraws from the partnership. Describe the rationale behind the goodwill method in accounting for changes in partnership membership. 3 Partnership Defined “An association of two or more persons to carry on as co-owners a business for profit.”* Persons in this definition include individuals, partnerships, corporations, and other associations. Attributes: Agreement, expressed or implied. Operated for making a profit. Members must be co-owners. *Uniform Partnership Act (UPA), Section 6 4 Reasons for Forming a Partnership Advantages of a partnership: Permits pooling of capital and other resources without complexities and formalities of a corporation. Easier and less costly to establish than a corporation. Not subject to as much governmental regulation as a corporation. Partners able to operate with more flexibility. Income not subject to taxation at partnership level. 5 Characteristics of a Partnership One distinctive characteristic of a partnership is its advantageous federal income treatment. A partnership is treated as a “flow through” entity. Income is not subject to taxation at the partnership level. A partnership must file an information . | Partnerships: Formation, Operation and Ownership Changes 1 Learning Objectives Describe the characteristics of a general partnership, a limited partnership, and a joint venture. List some important items to be included in the partnership agreement. Understand the differences between partnerships’ and corporations’ equity accounts in the balance sheet. Explain the purpose of the partners’ drawing accounts and capital accounts. Prepare journal entries to form a partnership using the bonus and the goodwill methods. 2 Learning Objectives Describe some common agreements used to allocate partnership net income or loss. Explain why salary allowances and interest allowances are used in allocating partnership profits and losses. Describe the methods used to record partnership changes when a new partner is admitted or when a partner withdraws from the partnership. Describe the rationale behind the goodwill method in accounting for changes in partnership membership. 3 Partnership Defined “An .