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Samanta Shoes - Coursework Example

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Samanta Shoes

Partnership is the mutual consent of two or more people when they join in together to pursue a common goal or interest. Within a business, a partnership is formed in order to certain activities that may result in the benefit of all the partners of the organization. The advantages and the disadvantages of a partnership are presented below: Advantages One of the greatest advantages of a partnership is that it does not have to be registered with the State of the country in which it operates; hence this saves the cost of the registration fees. The investment/capital is shared. The responsibility to run the partnership is shared amongst the partner resulting in sharing skilled expertise and knowledge Disadvantages Partnerships are usually bound to result in unlimited liability for the partners Risk of disagreement amongst partners Partners need to focus on the working pattern, profit sharing ratio and the work that each of the partner would be assigned. 2. Identify and discuss the key differences between common and preferred stock. Companies usually issue two different types of stock, common and preferred. The major difference between common and preferred stock is that common stock results in ownership for the buyer whilst a preferred stock does not. The common stock is traded within the stock market within a country, preferred stock, on the other hand are not traded within such markets. The basic essence and nature of a preferred stock is that it is usually considered a loan, which has to be repaid after a certain period of time. A preferred stock holder gets preference over a common stock holder with respect to the payment of dividends. A common stock holder receives dividend only after all the company’s dues are cleared off. 3. Describe the journal entries required to record the issuance of bonds and the payment of bond interest. Journal entries required on the issuance of bonds at par i.e. at par value would be as follows: Debit Cash Credit Bonds Payable Issuance of bond is similar in nature to receiving a loan. The par/face value of the bond is credited within the Bonds Payable account. If the market interest rate on the bond would be higher coupon rate, it would result in a premium on the bond. Journal entries on the payment of bond interest would be as follows: Debit Bond Interest Expense Credit Cash The cash would be paid and the expense would be recorded vice versa. 4. Discuss the controversy surrounding the Fair-Value vs. Amortized Cost presentation of the value of stocks, bonds and all other investment securities on the Financial Statement. US GAAP uses Fair Value, US Statutory uses Amortized Cost and IFRS uses a mix of both depending on the security. What are the advantages and disadvantages of both approaches, and what do you feel is the best way to value this type of asset? The controversy surrounding Fair Value Accounting and Accrual accounting has been prevalent for quite some time now. The major debate is that when to record the profit or loss on any particular security. According to the Fair Value accounting, gains or losses should be recorded whenever is seems that any security has lost its value i.e. if that security is sold at the current moment. Amortized cost accounting on the other hand favors the recording of gains and losses on the actual happening of the event i.e. when the security is disposed. The major advantage of Fair Value accounting is that is keeps a prudent approach but its drawback is that such gains and losses are not estimated reliably. Amortized cost, on the other hand has a realistic view but the use of historical information and discount rates within the amortized cost accounting method leads to inconsistent accounting of different ...Show more

Summary

The partners of Samanta Shoes know that knowledge of partnerships and their financial implications are important to success. What are some of the advantages or disadvantages of the partnership form of business?…
Author : aydenhamill
Samanta Shoes essay example
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