Description

Partnership Accounting – Robert Steele

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Description

What you will 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