Udemy

Platform

English

Language

Entrepreneurship

Category

Partnership Accounting

Partnership formation, net income allocation, adding new partners, liquidation, partner leaving, closing process

4.50 (72 reviews)

23243

Students

14 hours

Content

Sep 2019

Last Update
$94.99
Regular Price


What you will learn

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


Description

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.

Content Includes:

•    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


Screenshots

Partnership Accounting
Partnership Accounting
Partnership Accounting
Partnership Accounting

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



Reviews

K
Kristina7 April 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.

P
People18 November 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.

I
Ivana27 October 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!

B
Bobbie4 July 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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1762512

Udemy ID

6/23/2018

Course created date

11/17/2019

Course Indexed date
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