This Module covers accounting for partnerships.
Understanding characteristics and formation of a partnership, and journaling the entry for formation of a partnership.
Calculating a partner’s share of net income based on fractional ratio, beginning capital investment, and salary and interest allowances.
Preparing a statement of partner’s equity.
Journalizing entries to record admitting a new partner, withdrawal of a partner, and bonuses to partners.
Journalizing entries involved in the liquidation process and preparing a statement of liquidation.