Partnership Accounting - Financial Accounting

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

4.60 (299 reviews)
Udemy
platform
English
language
Entrepreneurship
category
47,262
students
14 hours
content
Sep 2019
last update
$59.99
regular price

What you will 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.

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.

Content

Introduction

Introduction
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
Excel Download
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
Excel Download
Worksheet - 20 Part 1 Partnership Income Allocation
20 - Worksheet Part 2 Partnership Income Allocation
Excel Download
Worksheet - 21 Partnership Income Allocation With Over-allocation
20 - Multiple Choice – Partnership
Accounting Comic Break 3

Partnership Draws

4 Partnership Draws
PDF - 22 Partnership Draws
22 Partnership Withdraws
Excel Download
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
Excel Download
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
Excel Download
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
Excel Download
Worksheet -60 Partnerships Liquidation Partner Does Not Pays Partnership for Neg
70 - Multiple Choice – Partnership
Short Calculation 2
Accounting Comic Break 8

Comprehensive Problem

9 Comprehensive Problem
Excel Download
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

Screenshots

Partnership Accounting - Financial Accounting - Screenshot_01Partnership Accounting - Financial Accounting - Screenshot_02Partnership Accounting - Financial Accounting - Screenshot_03Partnership Accounting - Financial Accounting - Screenshot_04

Reviews

Jana
January 28, 2023
This course is a very good review. Sometimes I want to skip forward, but I am sticking with the timeline. Honestly, only 1/2 way! It is a long course, but like how there are segments broken out.
Kristina
April 7, 2020
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.
People
November 18, 2018
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.
Ivana
October 27, 2018
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!
Bobbie
July 4, 2018
Robert Steele is very thorough while providing a lot of helpful information partnership accounting. Learned a lot from his course. Thank you.

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Related Topics

1762512
udemy ID
6/23/2018
course created date
11/17/2019
course indexed date
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course submited by