Sunday, March 10, 2013

Partnerships: Formation, Operation, and Ownership changes. (Part One)

Partnerships: Formation, Operation, and Ownership changes. (Part One)


What you will see here, is a summary of Accounting for partnerships based on the Text Book "Advanced Accounting" by Debra C. Jeter & Paul K. Chaney 5th edition.

Accounting for partnership is explained in the last Two chapters in this book:
  1. Chapter 15: Partnerships: Formation, Operation, and Ownership changes.
  2. Chapter 16: Partnership Liquidation.
It's important to point out that The Accounting Cycle applies to partnerships as well as Sole proprietorship and Corporations, but there will be some slight changes in formation and all the transaction related to Owners "Capital transactions" which will be pointed out in these two chapters.

So, let's start.

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And that's the end of Part One of Chapter 15 .... Don't hesitate to ask question in Facebook Comments below and wait for part 2.

Love to hear what you think!