partnership accounting Archives - Page 3 of 5 - Free ZIMSEC & Cambridge Revision Notes

Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example
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Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Capital and Current Accounts Example

By Garikai Dzoma|2022-09-15T12:32:04+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts Example

Bearing in mind what we have said in the introduction to capital and current accountshere
And the basic guidelines here
It is important to add the fact in this topic will mostly deal with making entries into Capital and Current […]

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Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets
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Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Example revaluation of partnership assets

By Garikai Dzoma|2022-09-15T12:32:12+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

As already pointed out in another post, sometimes it is necessary for a partnership to revalue its assets
We have already looked at the entries necessary to record these changes in value
Now we will look at an example […]

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Principles of Accounting: Statement of Financial Position Example
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Principles of Accounting: Statement of Financial Position Example

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Statement of Financial Position Example

By garikaib|2022-09-15T12:32:47+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Partnership Financial Statements Example

This is the second part solution to the question that was posted here
The first part of the solution to this question can be found here
It examines the basic structure of Financial Statements of partnerships
In this part we will examine the structure […]

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Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example
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Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Solution to Capital and Current Accounts example

By Garikai Dzoma|2022-09-15T12:32:04+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Capital and Current Accounts Example

We have already looked at capital and current accounts here
This is the solution to the question posted here
We will use fixed capital accounts and current accounts to show the entries

The Capital Accounts

The Current Accounts for the partners

[…]

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Cambrige Notes: Principles of Accounting: Partnership dissolution
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Cambrige Notes: Principles of Accounting: Partnership dissolution

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Partnership dissolution

By Garikai Dzoma|2022-09-15T12:32:12+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Goodwill and Partnership businesses: Revaluation of Partnership Assets

While it is true that a new partnership is created when partners leave and join the partnership
The entries required to show this are actually different from the entries needed when a partnership does actual dissolve
From an accounting point […]

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Principle of Accounting: The concept of goodwill
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Principle of Accounting: The concept of goodwill

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principle of Accounting: The concept of goodwill

By garikaib|2022-09-15T12:32:47+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: The concept of goodwill

It is not unusual for a business to be bought or sold as a going concern i.e.
The entire business (or business unit) and its related assets and liabilities
Often when a business is sold or bought it is at a price that is higher than […]

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Cambrige Notes: Principles of Accounting: The Appropriation Account
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Cambrige Notes: Principles of Accounting: The Appropriation Account

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: The Appropriation Account

By Garikai Dzoma|2022-09-15T12:32:05+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships:The Appropriation Account

Apart from a few nuances partnerships prepare normal financial statements
These are almost indistinguishable from those of Sole Traders
They include the usual Income Statement ( Trading and Profit and Loss Account) and the Statement of Financial Position
If this is a manufacturing partnership the Manufacturing […]

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Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries
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Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes

Cambrige Notes: Principles of Accounting: Partnership Dissolution Entries

By Garikai Dzoma|2022-09-15T12:32:13+02:00January 24th, 2023|Cambridge O Level/ IGSCE Accounts Notes, Notes, Ordinary Level Notes|

Cambridge IGCSE Accounting(0452)/O Level Principles of Accounts(7110) Notes: Accounting for Partnerships: Partnership Dissolution Entries

While the dissolution of each partnership is no doubt unique
There are entries that are typical to the dissolution of each partnership
During dissolution the following entries are typically made:
1. When we transfer provision such as for bad debts/depreciation to their respective asset accounts:

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Principles of Accounting: Goodwill and Partnership businesses
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Principles of Accounting: Goodwill and Partnership businesses

Notes, Ordinary Level Notes, Principles of Accounts Notes

Principles of Accounting: Goodwill and Partnership businesses

By garikaib|2022-09-15T12:32:46+02:00January 24th, 2023|Notes, Ordinary Level Notes, Principles of Accounts Notes|

ZIMSEC O Level Principles of Accounting: Accounting for Partnerships: Goodwill and Partnership businesses

Now that we have explained the idea of goodwill
It is time we examine the concept of goodwill in relation with partnerships
As already explained accounting standards require that goodwill be recorded only when a business is bought or sold
Partnership business are special in […]

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