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Accounting for Partnerships Training Class |
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Accounting for Partnerships Training Seminar
Partnerships are voluntary organizations between two or more people that combine different resources in a business venture. These resources can be money, expertise, personal connections, or experience. Accounting procedures are established to ensure that each partner gets his/her share of the business income or loss. This course explores the accounting methods that pertain to partnerships and the division of its assets.
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Price |
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$74.95
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Agenda |
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Setting up a Partnership Account
- identify the advantages of forming a partnership.
- identify the conditions a business must meet for the formation of a new partnership, based on the type of partnership being formed.
- calculate the balance of the capital account, given a scenario.
- apply the steps to make an entry in a withdrawals account.
- determine which accounting entries to use to set up the books for different types of partnerships.
Division of Partnership Earnings
- recognize the importance of properly distributing the earnings of a partnership.
- calculate owner's equity for each partner, using a balance sheet.
- apply the three common methods of calculating owner's equity for each partner.
- calculate the balance in each partner's capital account based on the Changes in Partner's Equity Statement.
Accounting for Changes in a Partnership
- recognize the importance of understanding the accounting for change procedures.
- match each type of new partner addition to examples.
- calculate the bonus that existing partners contribute to admit a new partner, in a given scenario.
- apply the steps to withdraw a partner from a partnership, for a given scenario.
- apply the steps for dissolving a partnership because of a death.
- sequence the steps for the liquidation of a partnership.
- apply the steps for liquidating a partnership, given a scenario.
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Audience |
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This course is intended for individuals who require knowledge of the basics of accounting, who are starting a business or interested in becoming a partner, who are learning to manage the accounting activities of a business, and who need to review accounting principles and procedures. Shareholders or people who are interested in becoming a shareholder can also benefit from this course.
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