4.50 (72 reviews)
☑ Process for setting up a partnership
☑ The allocation of net income to partners
☑ The recording of partner withdrawals
☑ Recording the partnership closing process
☑ Journal entries related to a partner leaving the partnership
☑ Journal entries related to adding a new partner to the partnership
☑ The liquidation process for a partnership
☑ A comprehensive problem on the accounting cycle
☑ Key terms definitions and explanations related to partnerships
Partnership accounting will cover accounting topics related to a partnership form of business entity.
This partnership course will focus on the accounting issues that are different in a partnership as compared to other types of entities like a sole proprietorship or corporations. As we focus on the differences, we always want to keep in mind the similarities in accounting for different business entities. Most of what we have learned about the double entry accounting system and day to day accounting transactions in prior courses will remain the same. We are concentrating on the areas that will different because the differences are where the new information lies.
We will start by defining what a partnership is and comparing the characteristics of a partnership with other business entities. Understanding one business entity and its components are often best learned by contrasting them with the attributes of others, always considering the relative pros and cons, thinking of situations and circumstances that would benefit one form of business entity over another.
The course will discuss the process for setting up a new partnership, typically starting with the partners contributing capital to the partnership, requiring us to record the contribution and the capital accounts.
We will discuss the allocation of net income to the partners, one of the primary differences between a partnership type of entity and other types of entities. There is a lot of flexibility for net income allocation in a partnership, and this is one of its primary benefits.
The course will cover the recording of partnership draws, how to record them, as well as the closing process for a partnership. The steps of the closing process will be much the same as those for any business entity except for the allocation of net income to the partners.
We will consider the situation where a partner leaves a partnership or where a new partner is added. The transactions related to a partner leaving or being added is unique to a partnership entity.
The course will cover a partnership liquidation process or closing process. The liquidation process is a very useful exercise for any entity because it allows us to do take apart a business. We have discussed the process of putting new busses together in prior courses, but to fully understand how something works we must also take it apart. The liquidation process is particularly important for a partnership entity because it emphasizes the capital accounts and the process necessary to reduce the likelihood of problems during the process.
We also include a comprehensive problem designed to take a step back and consider all the similarities between business entities so that we can put the differences we have studied in this course into perspective. The comprehensive problem will cover the entire accounting cycle from entering journal entries and posting to the general ledger, to recording adjusting entries and creating the financial statements, to the closing process.
The course also includes definition and key accounting terms related to partnerships.
In addition to the instructional videos, this course will include downloadable
• Downloadable PDF Files
• Excel Practice Files
• Multiple Choice Practice Questions
• Short Calculation Practice Questions
• Discussion Questions
The PDF files allow us to download reference information we can use offline and as a guide to help us work through the material.
Excel practice files will be preformatted so that we can focus on the adjusting process and learning some of the basics of Excel, like addition, subtraction, and cell relationships.
Multiple choice example question helps us improve our test-taking skills by reducing the information into the size and format of multiple choice questions and discussing how to approach these questions.
Short calculation questions help us reduce problems that have some calculation down to a short format that could be used in multiple choice questions.
Discussion Question will provide an opportunity to discuss these topics with the instructor and other students, a process many students find very helpful because it allows us to see the topic from different viewpoints.
Who will we be learning from?
You will be learning from somebody who has technical experience in accounting concepts and in accounting software like QuickBooks, as well as experience teaching and putting together curriculum.
You will be learning from somebody who is a:
• CPA – Certified Public Accountant
• CGMA – Chartered Global Management Accountant
• Master of Science in Taxation
• CPS – Certifies Post-Secondary Instructor
• Curriculum Development Export
As a practicing CPA the instructor has worked with many technical accounting issues and helped work through them and discuss them with clients of all levels.
As a CPS and professor, the instructor has taught many accounting classes and worked with many students in the fields of accounting, business, and business applications.
The instructor also has a lot of experience designing courses and learning how students learn best and how to help students achieve their objectives. Experience designing technical courses has also benefit in being able to design a course in a logical fashion and deal with problems related to technical topics and the use of software like QuickBooks Pro.
• Process for setting up a partnership
• The allocation of net income to partners
• The recording of partner withdrawals
• Recording the partnership closing process
• Journal entries related to a partner leaving the partnership
• Journal entries related to adding a new partner to the partnership
• The liquidation process for a partnership
• A comprehensive problem on the accounting cycle
• Key terms definitions and explanations related to partnerships
PDF - 10 Introduction
10 Partnerships Introduction
Accounting Comic Break
Set up New Partnership
2 Set up New Partnership
PDF - 12 Set Up New Partnership
12 Partnership Set Up New Partnership
Worksheet - 12 New Partnership
10 - Multiple Choice – Partnership
Accounting Comic Break
Partnership Income Allocation
3 Partnership Income Allocation
PDF - 20 Partnership Income Allocation
20 Partnership Income Allocation
Worksheet - 20 Part 1 Partnership Income Allocation
20 - Worksheet Part 2 Partnership Income Allocation
Worksheet - 21 Partnership Income Allocation With Over-allocation
20 - Multiple Choice – Partnership
Accounting Comic Break 3
4 Partnership Draws
PDF - 22 Partnership Draws
22 Partnership Withdraws
Worksheet - 22 Partnership Withdraws
30 - Multiple Choice – Partnership
Accounting Comic Break 4
Partnership Closing Process
5 Partnership Closing Process
PDF - 23 Partnership Closing Process
23 Partnership Closing Process
Worksheet - 23 Partnership Closing Process
40 - Multiple Choice – Partnership
Accounting Comic Break 5
Partner Leaves Partnership
6 Partner Leaves Partnership
PDF - 25 Partner Leaves Partnership Cash Equal to Capital Account
25 Partnership Partner Leaves Partnership Cash Equal to Capital Account
PDF - 26 Partner Leaves Partnership Cash Equal less then Capital Account
26 Partnership Partner Leaves Partnership Cash less then Capital Account
PDF - 28 Partner Leaves Partnership Cash Equal Greater then Capital Account
28 Partner Leaves Partnership Cash Greater then Capital Account
Worksheet - 29 Part 1 Selling Partnership Interest Leaving Partnership
Worksheet - 29 Part 2 Selling Partnership Interest Leaving Partnership
50 - Multiple Choice – Partnership
Accounting Comic Break 6
New Partner is Added to Partnership
7 New Partner Added to Partnership
PDF - 29 Partnership add a partner D & D
29 Add New Partnership - Cash More Then Capital Account
29.1 Add New Partner - Cash Less Then Capital Account
29.2 partner sells partnership interest to a new Partner
29.3 Partner sells partnership interest - Cash Received Less Then Capital
Worksheet - 29.1 Part 1 Add Partner to Partnership
Worksheet - 29.1 Part 2 Add Partner to Partnership
60 - Multiple Choice – Partnership
Short Calculation 1
Accounting Comic Break 7
Liquidation of Partnership
8 Liquidation of Partnership
PDF - 30 Liquidation - Gain on Sale of Assets
30 Partnership Liquidation Gain on sale of Assets
Worksheet - 30 Part 1 Partnership Liquidation Gain on Sale of Assets
Worksheet - 30 Part 2 Partnership Liquidation Gain on Sale of Assets
PDF - 40 Liquidation - Loss on Sale of Assets
40 Partnerships Liquidation Gain on sale of Assets
Worksheet - 40 Part 1 Partnership Liquidation Loss on Sale of Assets
Worksheet - 40 Part 2 Partnership Liquidation Loss on Sale of Assets
PDF - 50 Liquidation - Partner Pays Partnership for Negative Capital Account
50 Partnership Liquidation Partner Pays Partnership for Negative Capital Account
Worksheet - 50 Partnership Liquidation Partner Pays Partnership for Negative Cap
PDF - 60 Liquidation - Partner Does Not Pay Partnership for Negative Capital
60 Partnership Liquidation Partner Does Not Pays Partnership for Negative Capita
Worksheet -60 Partnerships Liquidation Partner Does Not Pays Partnership for Neg
70 - Multiple Choice – Partnership
Short Calculation 2
Accounting Comic Break 8
9 Comprehensive Problem
1 Accounting%2C Financial - Comp Prob Service Co 1 Part 1
2 Accounting%2C Financial - Comp Prob Service Co 1 Part 2
3 Accounting%2C Financial - Comp Prob Service Co 1 Part 3
4 Accounting%2C Financial - Comp Prob Service Co 1 Part 4
5 Accounting%2C Financial - Comp Prob Service Co 1 Adjusting Entries part 5
6 Comp Prob Service Co 1 Adjusting Entries part 6
7 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 7
8 Accounting%2C Financial - Comp Prob Service Co 1 Financial Statements part 8
9 Accounting%2C Financial - Comp Prob Service Co 1 Closing Process Part 9
10 Comp Prob Service Co 1 Closing Process part 10
Accounting Comic Break 9
Key Term & Definitions
10 Key Term & Definitions
C Corporation Definition - What is C Corporation%3F
GeneralGeneral Partnership Defin Partner Definition - What is General Partner%3F
Limited Liability Company Definition - What is Limited Liabi (1)
Limited Partners Definition - What are Limited Partners
Mutual Agency - What is Mutual Agency%3F
Partnership Contract Definition - What is Partnership Contra
Partnership Definition - What is Partnership%3F
S-Corporation Definition - What is S Corporation%3F
Unlimited Liability Definition - What is Unlimited Liability
I have already worked on returns for all types of these organizations but it was good to go back to the basics and ensure that I know them all.
I just completed the full course and found it to be excellent. Bob walks you through the operations of partnership capital accounts with several examples to show various scenarios. He also walks you through an entire accounting cycle at the end which I found was a good refresher. I highly recommend the course.
Bob keeps "maintaining" the same level of high quality with this course as well. I bought this course in the first place since the legal form of partnership is usually not elaborated on in great detail in accounting courses in my country and, most importantly, because I wasn't quite confident about how to deal with different partnership issues in the appropriate way when working for US clients, which is my ultimate goal. Now I'm quite sure I can manage it. The explanations throughout the course are clear and easy-to-understand and follow as usual. Bob gives real-life examples and the whole course is down-to-earth. Additionally, he is very responsive and always willing to help with detailed explanations if a student gets stuck. Highly recommendable!
Robert Steele is very thorough while providing a lot of helpful information partnership accounting. Learned a lot from his course. Thank you.