Partnership Accounting - Financial Accounting
Intermediate LevelBusinessAccounting

Partnership Accounting - Financial Accounting

Unlocking the Power of Partnership Accounting: Strategies for Effective Management and Financial Decision Making

Created by Robert (Bob) Steele
14 hours
Video Content
100
Lectures
51,531
Students
4.4
Rating
4.4
(51,531 students enrolled)

What you'll learn

Define partnerships and differentiate them from other business entities, discussing their legal and operational characteristics.
Analyze the process of forming a partnership, including capital contributions, partner agreements, and the establishment of capital accounts.
Evaluate methods for allocating net income among partners, such as the income-sharing ratio, salary allowances, and interest on capital.
Record partner withdrawals, including guaranteed payments and distributions, and understand their impact on partner capital accounts.
Demonstrate the closing process for partnerships, including the transfer of net income/loss to individual partners' capital accounts.
Discuss the treatment of partner changes, including admission of new partners and retirement/withdrawal of existing partners.
Explain the liquidation process of a partnership, covering the sale of assets, settlement of liabilities, and distribution of remaining assets.
Define key terms related to partnerships, such as general partner, limited partner, dissolution, winding up, and partnership agreement.

Course Content

10 sections • 100 lectures • 14:04:30 total length

Introduction

4 lectures • 28:21

Introduction07:06
PDF - 10 Introduction00:08
10 Partnerships Introduction20:52
Accounting Comic Break00:15

Set up New Partnership

7 lectures • 30:00

2 Set up New Partnership01:45
PDF - 12 Set Up New Partnership00:08
12 Partnership Set Up New Partnership11:15
Excel Download00:05
Worksheet - 12 New Partnership11:22
+3 more lectures

Partnership Income Allocation

10 lectures • 01:18:26

3 Partnership Income Allocation01:45
PDF - 20 Partnership Income Allocation00:08
20 Partnership Income Allocation20:04
Excel Download00:05
Worksheet - 20 Part 1 Partnership Income Allocation11:33
+6 more lectures

Partnership Draws

7 lectures • 27:05

4 Partnership Draws01:25
PDF - 22 Partnership Draws00:08
22 Partnership Withdraws10:03
Excel Download00:05
Worksheet - 22 Partnership Withdraws10:09
+3 more lectures

Partnership Closing Process

6 lectures • 41:46

5 Partnership Closing Process02:38
PDF - 23 Partnership Closing Process00:08
23 Partnership Closing Process12:20
Worksheet - 23 Partnership Closing Process17:34
40 Discussion Question – Partnerships1 question
+2 more lectures

Partner Leaves Partnership

12 lectures • 55:20

6 Partner Leaves Partnership01:12
PDF - 25 Partner Leaves Partnership Cash Equal to Capital Account00:08
25 Partnership Partner Leaves Partnership Cash Equal to Capital Account03:43
PDF - 26 Partner Leaves Partnership Cash Equal less then Capital Account00:08
26 Partnership Partner Leaves Partnership Cash less then Capital Account07:22
+8 more lectures

New Partner is Added to Partnership

11 lectures • 01:27:02

7 New Partner Added to Partnership01:13
PDF - 29 Partnership add a partner D & D00:08
29 Add New Partnership - Cash More Then Capital Account09:23
29.1 Add New Partner - Cash Less Then Capital Account15:26
29.2 partner sells partnership interest to a new Partner10:05
+7 more lectures

Liquidation of Partnership

20 lectures • 03:41:03

8 Liquidation of Partnership02:25
PDF - 30 Liquidation - Gain on Sale of Assets00:08
30 Partnership Liquidation Gain on sale of Assets16:54
Worksheet - 30 Part 1 Partnership Liquidation Gain on Sale of Assets15:33
Worksheet - 30 Part 2 Partnership Liquidation Gain on Sale of Assets21:20
+16 more lectures

Comprehensive Problem

13 lectures • 02:37:23

9 Comprehensive Problem01:50
Excel Download00:05
1 Accounting%2C Financial - Comp Prob Service Co 1 Part 115:01
2 Accounting%2C Financial - Comp Prob Service Co 1 Part 215:10
3 Accounting%2C Financial - Comp Prob Service Co 1 Part 315:20
+8 more lectures

Key Term & Definitions

10 lectures • 28:12

10 Key Term & Definitions00:41
C Corporation Definition - What is C Corporation%3F04:17
GeneralGeneral Partnership Defin Partner Definition - What is General Partner%3F01:51
Limited Liability Company Definition - What is Limited Liabi (1)03:37
Limited Partners Definition - What are Limited Partners02:01
+5 more lectures

Description

Welcome to the comprehensive course on partnership accounting! Whether you're a student, aspiring accountant, or small business owner, this course is designed to provide you with a deep understanding of partnership accounting principles and practices.

Throughout this course, we will explore the unique aspects of partnership entities, comparing them to other business structures such as sole proprietorships and corporations. By examining their similarities and differences, you will gain a comprehensive understanding of partnership accounting.

We will begin by delving into the process of setting up a partnership, covering essential topics such as partner contributions, capital accounts, and the legal requirements involved. Understanding the initial steps of partnership formation is crucial for accurate accounting.

Next, we will focus on one of the key distinctions of partnership accounting: the allocation of net income to partners. We will explore various methods and strategies for distributing profits among partners, taking into account factors such as capital contributions, profit-sharing ratios, and partnership agreements.

The course will also cover the recording of partner withdrawals, also known as draws, and the closing process for partnerships. We will discuss the necessary journal entries, adjustments, and financial statement preparation to ensure accurate reporting at the end of an accounting period.

In addition, we will address scenarios involving changes in partnership composition. You will learn how to record transactions related to partner retirements, admissions, and changes in profit-sharing ratios. These topics are critical for understanding the dynamic nature of partnership accounting.

Furthermore, we will explore the partnership liquidation process, which involves winding up the business and distributing assets among partners. Understanding the steps involved in the liquidation process is essential for managing the financial affairs of a partnership.

As you progress through the course, you will have access to a range of valuable resources. Downloadable PDF files will provide offline reference materials, while preformatted Excel practice files will enhance your skills in performing partnership accounting calculations. Multiple-choice and short calculation practice questions will help reinforce your understanding, and discussion questions will foster interactive learning and encourage you to share insights with fellow students.

Rest assured, you will be learning from a highly qualified instructor with extensive experience in accounting concepts, software applications, and curriculum development. With their CPA, CGMA, and MSc in Taxation qualifications, as well as their teaching expertise, you can trust that you're receiving instruction from an industry professional who understands the practical application of partnership accounting.

Enroll now and embark on a comprehensive journey into partnership accounting. Enhance your knowledge, develop valuable skills, and gain confidence in navigating the unique accounting challenges faced by partnership entities.

Who this course is for:

  • Aspiring accountants and finance professionals at the beginner level, seeking a comprehensive understanding of accounting principles and practices applicable to partnerships.
  • Small business owners and entrepreneurs who want to gain knowledge of partnership accounting to effectively manage their business finances.
  • Undergraduate students pursuing a degree in accounting, finance, or business administration, looking to enhance their understanding of partnership accounting.
  • Professionals in non-accounting roles, such as managers or consultants, who want to develop a solid foundation in partnership accounting for better decision-making and financial analysis.
  • Individuals interested in expanding their financial literacy and understanding the unique aspects of partnership accounting for personal or professional growth.

This course includes:

  • 14 hours on-demand video
  • 0
  • 28 downloadable resources
  • Access on mobile and TV
  • Full lifetime access
  • Certificate of completion

Instructor

Robert (Bob) Steele

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