Partnership Accounting – Presentations Only
What you'll 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
Requirements
- We should have a basic understanding of financial accounting and debits and credits
Description
This course will only provide the video lecture presentation component of our resources, so that learners can review the video material without being distracted by other resources.
Partnership Bookkeeping
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.
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
• Key terms definitions and explanations related to partnerships
Who this course is for:
- Accounting students
- Business owner
- Anyone who whats to learn accounting
Course content
- 02:06Introduction
- Preview20:52
- 11:1512 Partnership Set Up New Partnership
- 20:0420 Partnership Income Allocation
- 10:0322 Partnership Withdraws
- 12:2023 Partnership Closing Process
- 03:4325 Partnership Partner Leaves Partnership Cash Equal to Capital Account
- 07:2226 Partnership Partner Leaves Partnership Cash less then Capital Account
- 06:2528 Partner Leaves Partnership Cash Greater then Capital Account
- 09:2329 Add New Partnership - Cash More Then Capital Account
- 15:2629.1 Add New Partner - Cash Less Then Capital Account
- 10:0529.2 partner sells partnership interest to a new Partner
- 05:3529.3 Partner sells partnership interest - Cash Received Less Then Capital
- 07:0029.4 Partner sells partnership interest - Cash Received Greater Than Capital
- 16:5430 Partnership Liquidation Gain on sale of Assets
- 13:5740 Partnerships Liquidation Loss on sale of Assets
- 19:2450 Partnership Liquidation Partner Pays Partnership for Negative Capital Account
- 20:0660 Partnership Liquidation Partner Does Not Pays Partnership for Negative Capita
Instructor
![Robert (Bob) Steele](data:image/svg+xml,%3Csvg xmlns="http://www.w3.org/2000/svg" viewBox="0 0 64 64"%3E%3C/svg%3E){kind=avatar}
- 4.3 Instructor Rating
- 14,895 Reviews
- 308,163 Students
- 91 Courses
Through working with students from many different schools, Mr. Steele has learned best practices for helping people understand accounting fast. Learning new skills and finding the best way to share knowledge with people who can benefit from it is a passion of his.
Mr. Steele has experience working as a practicing Certified Public Accountant (CPA), an accounting and business instructor, and curriculum developer. He has enjoyed putting together quality tools to improve learning and has been teaching, making instructional resources, and building curriculum since 2009. He has been a practicing CPA since 2005. Mr. Steele is a practicing CPA, has a Certified Post-Secondary Instructor (CPI) credential, a Master of Science in taxation from Golden Gate University, a Bachelor’s Degree in Business Economics with an emphasis in accounting from The University of California Santa Barbara, and a Global Management Accounting Designation (CGMA) from The American Institute of CPA (AICPA).
Mr. Steele has also authored five books that can be found on Amazon or in audiobook format on Audible. He has developed bestselling courses in accounting topics including financial accounting and QuickBooks accounting software.
In addition to working as an accountant, teaching, and developing courses Mr. Steele has helped create an accounting website at accountinginstruction, a YouTube channel called Accounting Instruction, Help, and How Too, and has developed supplemental resources including a Facebook Page, Twitter Page, and Podcasts that can be found on I-tunes, Stitcher, or Soundcloud. Mr. Steele's teaching philosophy is to make content applicable, understandable, and accessible.
Adult learners are looking for application when they learn new skills. In other words, learners want to be able to apply skills in the real world to help their lives. Mr. Steele’s formal accounting education, practical work experience, and substantial teaching experience allow him to create a curriculum that combines traditional accounting education with practical knowledge and application. He accomplishes the goals of making accounting useful and applicable by combining theory with real-world software like Excel and QuickBooks.
Many courses teach QuickBooks data entry or Excel functions but are not providing the real value learners want. Real value is a result of learning technical skills like applications, in conjunction with specific goals, like accounting goals, including being able to interpret the performance of a business.
Mr. Steele makes knowledge understandable by breaking down complex concepts into smaller units with specific objectives and using step by step learning processes to understand each unit. Many accounting textbooks cram way too much information into a course, making it impossible to understand any unit fully. By breaking the content down into digestible chunks, we can move forward much faster.
Mr. Steele also makes use of color association in both presentations and Excel worksheets, a learning tool often overlooked in the accounting field, but one that can vastly improve the speed and comprehension of learning accounting concepts.
The material is also made understandable through the application of concepts learned. Courses will typically demonstrate the accounting concepts and then provide an Excel worksheet or practice problems to work through the concepts covered. The practice problems will be accompanied by an instructional video to work through the problem in step by step format. Excel worksheets will be preformatted, usually including an answer tab that shows the completed problem, and a practice tab where learners can complete the problem along with a step by step presentation video.
Mr. Steele makes learning accounting accessible by making use of technology and partnering with teaching platforms that have a vision of spreading knowledge like Udemy.