AC102 PPT4 - Accounting for Partnership (PPT from Sir Leandro Fua)

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  • 1. MIRIAM COLLEGE College of Business, Entrepreneurship and AccountancyCollege of Business, Entrepreneurship and Accountancy Business Administration Department BSA – 102 Principles of Accounting Part 2 2nd Semester, SY 2012-2013
  • 2. ACCOUNTING FOR PARTNERSHIPS College of Business, Entrepreneurship and Accountancy• PLURALITY OF CAPITAL AND DRAWING ACCOUNTS.• Accounting for a partnership differs from other forms of business organizations with regard to capital accounts.• In a partnership, there should be as many capital accounts and as many drawing accounts as there are partners (that is, one capital account and one drawing account is maintained for each partner).
  • 3. College of Business, Entrepreneurship and Accountancy CAPITAL ACCOUNT1. Permanent withdrawal 1. Original investment by a (decrease) of capital partner2. Share in partnership loss 2. Additional investment by from operations a partner 3. Share in partnership3. Debit balance of drawing profits from operations to account closed to capital be added to capital