Journal entries for recording capital of partnerships
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This document discusses journal and ledger entries for recording capital contributions in a partnership. It explains that each partner may contribute different amounts of cash or non-cash capital, which are recorded through journal entries that debit cash/assets and credit each partner's capital account. Partnerships can use either fixed capital/current accounts or fluctuating capital accounts to track each partner's balance over time as profits, drawings, and interest are allocated.
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Accounting for partnership part 1
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class 12 / completeguide
Partnership
The document defines a partnership as a relationship between two or more persons who agree to share the profits of a business carried on by all or any of them. Key features of a partnership include a minimum of 2 partners, agreement to share profits, unlimited liability, and restrictions on transferring partnership interests. A partnership deed is a written agreement that outlines terms like capital contributions, profit/loss sharing ratios, duties, and dissolution terms. Maintaining partner capital accounts and distributing profits/losses according to the partnership agreement are important accounting aspects of partnerships.
Partnership accounts
This document discusses partnership accounts and the different methods of maintaining capital accounts for partners. There are two main methods - the fixed capital method and fluctuating capital method.
Under the fixed capital method, two accounts are maintained for each partner: a capital account to record initial capital contributions which remains fixed, and a current account to record all other transactions like drawings, interest, profits/losses which is closed to the partner's balance sheet account annually.
The fluctuating capital method only requires one capital account which records all transactions, allowing the partner's capital balance to fluctuate over time as profits/losses and other adjustments are made directly in this single account.
Partnership accounts
(i) A partnership firm is an association of two or more persons who agree to share the profits of a business.
(ii) The key elements of a partnership are a minimum of two persons, agreement to conduct business together and share profits/losses, mutual agency where each partner can bind the others, and sharing of profits.
(iii) A partnership deed is not required but is recommended to outline the terms of the partnership like capital contributions, profit/loss sharing ratios, treatment of goodwill, and dissolution.
Basic Accounting Principles
This document provides an overview of basic accounting principles including the financial statements, accounts, chart of accounts, asset and liability accounts, equity accounts, income and expense accounts, double-entry and single-entry accounting, the accounting equation, transactions, cash vs accrual accounting, account valuation, financial reports, analysis ratios, and the five criteria for farm financial analysis. Key topics covered include the balance sheet, income statement, statement of cash flows, types of accounts, and ratios for measuring liquidity, solvency, profitability, financial efficiency, and repayment capacity.
Partnership sw
1. The document discusses various aspects of partnerships including the formation, admission of new partners, retirement of partners, and dissolution. It describes the key components of a partnership agreement and how assets should be recorded at fair value upon formation.
2. Upon admission of a new partner, the document explains the bonus and goodwill methods for calculating the value of the new partnership and the partner's interest.
3. When a partner retires, the retirement can involve the sale of interest to another partner or the entity. The bonus and goodwill methods are again used to calculate values.
4. Dissolution involves disposing of assets, transferring profits/losses to capital, paying creditors, and then settling balances with
Accounting
This document defines key accounting terms and concepts related to financial statements. It explains that financial statements like the balance sheet, income statement, and statement of cash flows are used to analyze the financial condition and performance of a business over time. Various types of financial analysis like horizontal analysis, vertical analysis, and financial ratios are used to interpret these statements and evaluate metrics like liquidity, solvency, profitability, financial efficiency, and repayment capacity.
Accounting2
This document provides an overview of basic accounting principles including key terms like assets, liabilities, equity, income, and expenses. It explains the basic accounting equation that assets must equal liabilities plus equity. It also discusses the main financial statements used in accounting: the balance sheet, income statement, statement of cash flows, and statement of owner equity. Finally, it covers the concepts of ratio analysis and the different ratios that can be used to analyze the liquidity, solvency, profitability, financial efficiency, and repayment capacity of a business.
Accounting2
This document provides an overview of basic accounting principles including key terms like assets, liabilities, equity, income, and expenses. It explains the basic accounting equation that assets must equal liabilities plus equity. It also discusses the main financial statements used in accounting: the balance sheet, income statement, statement of cash flows, and statement of owner equity. Finally, it covers the concepts of ratio analysis and the different ratios that can be used to analyze the liquidity, solvency, profitability, financial efficiency, and repayment capacity of a business.
Accounting2
This document provides an overview of basic accounting principles including key terms like assets, liabilities, equity, income, and expenses. It explains the basic accounting equation that assets must equal liabilities plus equity. It also discusses the main financial statements used in accounting: the balance sheet, income statement, statement of cash flows, and statement of owner equity. Finally, it covers the concepts of ratio analysis and the different ratios that can be used to analyze the liquidity, solvency, profitability, financial efficiency, and repayment capacity of a business.
Accounting2
This document provides an overview of basic accounting principles and financial statements. It defines key accounting terms like assets, liabilities, equity, income and expenses. It explains the basic accounting equation that assets must equal liabilities plus equity. It describes the purpose and components of common financial statements like the balance sheet, income statement, statement of cash flows, and statement of owner equity. It also discusses analysis tools like ratio analysis that are used to evaluate the financial health and performance of a business.
Lamar Van Dusen | Accounting for the Formation of a Partnership
Lamar Van Dusen is describing Accounting for the Formation of a Partnership. Lamar Van Dusen is a professional and he is great business development.
Partnership Accounting 2
The document discusses partnerships, including their definition, advantages, and disadvantages. Specifically:
- A partnership is a business relationship between two or more people who combine their money, skills, and/or property.
- Advantages include greater resources and easier organization than a sole proprietorship. Disadvantages include unlimited liability for partners and the partnership having a limited life.
- Partnerships allow for pooling of money, skills, and other resources but each partner is subject to unlimited liability for the partnership's debts.
Accounting
Financial statements including the balance sheet, income statement, statement of cash flows, and statement of owner equity are used to analyze the financial condition and performance of a business. The balance sheet represents the financial position of a business at a point in time, while the income statement explains changes in equity over an accounting period. Financial ratio analysis compares key metrics like liquidity, solvency, profitability, financial efficiency, and repayment capacity to evaluate trends and assess the business's health. Maintaining accurate and consistent financial records is important for effective financial statement preparation and analysis.
Appropriation of profits
The document discusses the appropriation of profits process for a limited liability company. It explains that net profits are transferred to an appropriation account rather than share capital accounts. The appropriation account is used to allocate profits between dividends, reserves, and retained earnings. It contains key items like the profit/loss for the year, retained profits brought forward, proposed dividends, transfers to reserves, and retained profits carried forward. The document also distinguishes between capital reserves, which are not used for dividends, and revenue reserves, which can be used for dividends. An example appropriation account is provided.
Admission of a Partner in a partnership firm accountancy
The document discusses the reconstitution of a partnership firm through the admission of a new partner. Key points include:
- A new partner can only be admitted with consent of existing partners, unless otherwise agreed. This reconstitutes the partnership with a new agreement.
- The new partner acquires rights to share assets and profits. Other adjustments need to be made such as new profit sharing ratios, sacrificing ratios, goodwill valuation, revaluation of assets/liabilities, distribution of reserves, and adjustment of partner capitals.
- Goodwill is the value of future excess profits, and is calculated using methods like average profits, super profits, or capitalization. It must be adjusted upon admission of a new partner.
Week 6 Slides (3) (1).pptx
Here is a graphical representation of the break even analysis using the data provided:
Units Sold
Fixed costs = $5000
Variable cost per unit = $3
Selling price per unit = $5
Total Costs
$5000
$15000
$25000
Total Revenue
$0
$2500
$5000
$7500
$10000
$12500
$15000
$17500
$20000
$22500
Break Even Point
800 units
The break even point is reached at 800 units where total revenue equals total costs. The total fixed costs line is drawn horizontally at $5000. The total costs line is drawn starting from the total fixed costs line
Acc0804 retirement of a partner
When a partner retires from a partnership, the remaining partners compensate the outgoing partner based on their "gaining ratio", which is calculated as the new profit sharing ratio minus the old ratio. Upon retirement, all assets are revalued and liabilities reassessed, with any profit/loss on revaluation transferred to partners' capital accounts based on the old profit sharing ratios. Reserves are also transferred in this manner. The partnership receives the surrender value of any joint life insurance policies held on partners.
Aggregaaccounting for partnership
This document provides an overview of accounting for partnerships. It discusses the key characteristics of partnerships, including association of individuals, mutual agency, limited life, unlimited liability, and co-ownership of property. The document outlines the accounting entries for forming a partnership and dividing net income or loss among partners. It also describes how partnership financial statements are prepared and the effects of liquidating a partnership, including how gains or losses are allocated to partners.
Admission of partner
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Petty cash introduction
This document discusses petty cash, including:
- Petty cash refers to small, regular business expenses like stationery, cleaning supplies, and refreshments that are paid in cash.
- Petty cash payments are recorded in a petty cash book to track spending.
- A petty cash voucher is used to document each expense and must be attached to receipts.
- The imprest system provides an initial fixed amount (the "float") in the petty cash fund, which is replenished after expenses are deducted to restore the original amount.
Partnership features
A partnership is a business organization owned by two or more persons called partners who come together voluntarily to combine their skills, experience, and resources to make a profit. The key features of a partnership are that it has voluntary association between partners, mutual agency where each partner can act on behalf of the business and bind the other partners, unlimited liability where each partner is personally responsible for the partnership's debts, limited life as it can end when a partner withdraws or dies, and co-ownership of property where assets are jointly owned and distributed based on capital accounts if the partnership dissolves.
Non profit organisations
Non-profit organizations exist to benefit their members rather than generate profits. They aim to provide facilities and services for members to use, and are formed for educational, religious, charitable, or social welfare purposes. Non-profits are governed by elected boards of directors and obtain funding through contributions, dues, programs, fundraising, grants, and investments rather than being owned by businesses seeking profits.
Cooperatives
Co-operatives are organizations formed for the benefit of their members and local communities. They provide goods and services to members who are also customers, with profit-making not the main goal. Members buy shares and elect a board of management to govern activities. Co-operatives follow principles of open membership, democratic control, limited returns on shares and patronage refunds based on customer use. They also provide education and cooperate with other co-operatives.
Features of limited liability companies
Limited liability companies have several key features:
1) Their capital is divided into shares or stocks that are sold to raise money from public or private investors.
2) Shareholders are only responsible for the amount they invested and not other debts of the company.
3) They have the words "Ltd", "Plc", or "LLC" after their names. Private limited companies have few shareholders and restricted share sales, while public companies freely trade shares on stock exchanges.
Elements of cost
The document discusses the elements needed to calculate the cost of production for Snickers bars using a manufacturing account. It identifies the key costs as raw materials, labor, and operating the factory. Raw materials are a direct cost, while direct costs also include direct wages and expenses. Indirect costs include indirect materials, wages, and expenses that are linked to manufacturing but not specific units. The goal is to understand the direct and indirect costs incurred in producing Snickers bars.
Cash discounts
Settlement cash discounts provide a percentage discount to customers or suppliers for paying their accounts early. These discounts are recorded in discount allowed and discount received columns in a three column cash book. Discount allowed is given to customers and credited to their accounts, with the total recorded as an expense. Discount received is from suppliers and debited to their accounts, with the total recorded as revenue.
Cash and credit transactions
There are two types of transactions: cash transactions and credit transactions. Cash transactions involve immediate payment using cash, checks, or debit cards. Credit transactions involve payment at a later date. Cash transactions are recorded in books like the cash book or petty cash book. Credit transactions are recorded in books like the purchases journal, sales journal, or general journal.
Simple balance sheet
The document discusses how to prepare a classified balance sheet. It explains that assets and liabilities should be classified and arranged in order of either permanence or liquidity. Current assets are those expected to be converted to cash within one year, while non-current assets will provide long-term benefits. Similarly, current liabilities are due within one year and non-current liabilities are long-term debts. The document provides examples of common asset and liability line items and demonstrates how they would be arranged in the two styles of a classified balance sheet.
Methods of payment part 2
This document discusses various methods of payment between different entities. It describes methods of payment between employers and employees such as salaries paid monthly/yearly and wages paid weekly/fortnightly. Payments to employees can be made via cash, checks, or electronic funds transfer. Methods of payment for goods and services include cash, checks, direct debit, PayPal, etc for both purchases and sales. Payments to suppliers for operating expenses can also be made with cash, checks, or electronic funds transfer. New contactless payment methods are emerging as an alternative to cash payments.
Cash flow projection
A cash flow projection shows a firm if and when it needs to borrow money, how much is needed, and how it will repay any loans. It is also known as a cash flow budget. Preparing a cash flow projection for a period of time is important because it allows a business to determine if it will have enough cash or if additional funds are needed to avoid insolvency. The document recommends watching a video on how to prepare a cash flow projection that provides guidance on the process.
Source documents payroll
This document discusses several basic source documents used for payroll, including time cards, time books, electronic clock-in cards, and fingerprint time clocks. Time cards are used to record an employee's arrival and departure times each day and are used by HR to prepare payroll. Time books record the time workers spend on jobs. Electronic clock-in cards and fingerprint time clocks also track employee hours worked. Additionally, an Employee Earnings Record Card is kept for each employee and summarizes gross pay, deductions, and net pay after each payroll period.
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Journal entries for recording capital of partnerships
- 1. Journal and ledger account entries for recording partnerships Section 8 Objective 5 prepare journal entries and ledger accounts to record the capital of partnership
- 2. Journal and ledger account entries An essential feature of doing records for a partnership company is that • Each partner contributes capital • The amount of capital invested into the company by each partner need not be equal however, the amounts must be agreed to by all the partners
- 3. Journal and ledger account entries • Entries to record the capital introduced by partners • Partners on starting a company may invest cash or non cash resource to start a business • For recording the investment made by each partner, there are two options that can be used to record capital introduced by partners in the general ledger. The options are • To operate a fixed capital plus separate current accounts or in columnar form • Or operate separate fluctuating capital accounts or columnar form
- 4. • The fixed capital account for each partner shows the yearly amount of capital invested into the business. • A separate current account is opened for each partner. The current account for each partner show the • Each partner drawings • Interest charged on drawings for each partner • Salaries for active partners • Profits or losses made or absorbed by each partner • Interest on capital each partner is entitled to Capital accounts Fixed and current
- 5. Capital accounts fluctuating • In this format, the amount invested is shown as well as – Distribution of profits – Drawings – Interest on drawings • Using this method, the capital accounts will change each year
- 6. Implications using fixed and fluctuating capital accounts • The use of separate fixed capital and current accounts is preferred to fluctuating capital accounts because • When a partner(s) are taking out greater amounts than the share of profits that they are entitled to. It is shown in records as a debit balance on the current account. • The debit balance acts a warning to the partnership
- 7. Format of a partner fixed capital account Year $ Date Bank/non cash resource xxx
- 8. Format of a partner current account Year $ Year $ Interest on drawings xxx Balance b/d xxx Drawings xxx Interest on capital xxx Balance c/d xxx Share of profit xxx
- 10. • Capital accounts opened are shown as fixed entries in the separate capital account • If desired the capital account can be shown in columnar form as well • The appropriation account entries are transferred to each partner current accounts
- 11. Format of a partner fluctuating capital account Year $ Year $ Interest on drawings xxx Bank xxx Balance c/d xxx Share of profits xxx Interest on capital xxx
- 12. Journal entry to record capital Dr cash Dr non cash item (if any for example building) Cr (each partner capital account for the sum total of the debit entries)
- 13. Sample journal entry to record capital invested
- 14. Sample columnar ledger account entry to record fluctuating capital account