会计学原理第19版(全英版)853512532ppt课件

1、ACCOUNTING FOR PARTNERSHIPS,Chapter 12,PARTNERSHIP FORM OF ORGANIZATION,Partnership Agreement,Voluntary Association,Limited Life,Taxation,Unlimited Liability,Mutual Agency,Co-Ownership of Property,C1,ORGANIZATIONS WITH PARTNERSHIP CHARACTERISTICS,C1,CHOOSING A BUSINESS FORM,Many factors should be considered when choosing the proper business form.,ORGANIZING A PARTNERSHIP,Partners can invest both assets and liabilities in the partnership.,Assets and liabilities are recorded at an agreed-upon valu

2、e, normally fair market value.,Asset contributions increase the partners capital account.,Withdrawals from the partnership decrease the partners capital account.,P1,ORGANIZING A PARTNERSHIP,On 1/11, Kayla Zayn and Hector Perez organize a partnership called BOARDS. Zayns initial investment is $7,000 cash, $33,000 in boarding facilities, and a note payable for $10,000 on the boarding facilities. Perezs initial investment is $10,000 cash.,P1,ORGANIZING A PARTNERSHIP,In accounting for partnerships:

3、Partners withdrawals are debited to their own separate withdrawals account. Partners capital accounts are credited (or debited) for their shares of net income (or net loss) when closing the accounts at the end of the period. Each partners withdrawal account is closed to that partners capital account. Separate capital and withdrawals accounts are kept for each partner.,P1,DIVIDING INCOME OR LOSS,Three frequently used methods to divide income or loss are allocation on: Stated ratios. Capital balan

4、ces. Services, capital and stated ratios.,Partners are not employees of the partnership but are its owners. This means there are no salaries reported as expense on the income statement. Profits or losses of the partnership are divided on some agreed upon ratio.,P2,ALLOCATION ON STATED RATIOS,In the partnership agreement, Zayn is to receive 2/3 and Perez 1/3 of partnership income or loss. If the partnership income is $60,000, we will allocate the income to partners as follows:,P2,ALLOCATION ON CA

5、PITAL BALANCES,In their partnership agreement, Zayn and Perez agree to allocate profits and losses on the basis of their beginning capital balances.,P2,ALLOCATION ON SERVICES, CAPITAL, AND STATED RATIOS,Zayn and Perez have a partnership agreement with the following conditions: Zayn receives a $36,000 annual salary allowance and Perez receives an allowance of $24,000. Each partner is allowed an annual interest allowance of 10% on their beginning capital balance. Any remaining balance of income or

6、 loss is allocated equally. Net income is $70,000.,P2,ALLOCATION ON SERVICES, CAPITAL, AND STATED RATIOS,P2,ALLOCATION ON SERVICES, CAPITAL, AND STATED RATIOS,Now lets assume that net income is only $50,000.,P2,PARTNERSHIP FINANCIAL STATEMENTS,During 2009, Zayn withdrew $20,000 cash from the partnership and Perez withdrew $12,000. Net income for the year is $70,000.,P2,ADMISSION AND WITHDRAWAL OF PARTNERS,When the makeup of the partnership changes, the existing partnership is dissolved. A new pa

7、rtnership may be immediately formed. New partner acquires partnership interest by: Purchasing it from the other partners, or Investing assets in the partnership.,P3,PURCHASE OF PARTNERSHIP INTEREST,A new partner can purchase partnership interest directly from the existing partners. The cash goes to the partners, not to the partnership. To become a partner, the new partner must be accepted by the current partners.,P3,PURCHASE OF PARTNERSHIP INTEREST,On January 4th, Hector Perez sells one-half of

8、his partnership interest to Tyrell Rasheed for $18,000. Perez gives up a $13,000 recorded interest in the partnership.,P3,INVESTING ASSETS IN A PARTNERSHIP,The new partner can gain partnership interest by contributing assets to the partnership. The new assets will increase the partnerships net assets. After admission, both assets and equity will increase.,P3,INVESTING ASSETS IN A PARTNERSHIP,On January 4th, Tyrell Rasheed is admitted to the partnership with a payment of $22,000 cash.,P3,BONUS TO

9、 OLD OR NEW PARTNERS,P3,BONUS TO OLD PARTNERS,On January 4th, Zayn and Perez agree to accept Rasheed as a partner upon his investment of $42,000 cash in the partnership. Rasheed is to receive a 25% ownership interest in the new partnership. Any bonus is attributable to the existing partners and is shared equally.,P3,BONUS TO OLD PARTNERS,On January 4th, Zayn and Perez agree to accept Rasheed as a partner upon his investment of $42,000 cash in the partnership. Rasheed is to receive a 25% ownershi

10、p interest in the new partnership. Any bonus is attributable to the existing partners and is shared equally.,P3,BONUS TO NEW PARTNER,On January 4th, Zayn and Perez agree to accept Rasheed as a partner upon his investment of $18,000 cash in the partnership. Rasheed is to receive a 25% ownership interest in the new partnership. Any bonus is attributable to Rasheeds excellent business skills.,P3,BONUS TO NEW PARTNER,On January 4th, Zayn and Perez agree to accept Rasheed as a partner upon his invest

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