Partnership Accounting - Coursework Example

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Partnership Accounting

Capital - William $ 87,500 Capital - Frank $ 87,500 Capital - Sammy $ 175,000 4. General Partnerships is that all partners have unlimited liability. This means that if a business is not able to pay back its debts, the partners are held responsible to pay the debtors back and they can be forced to sell of their personal assets in order to repay the debt. Only under certain circumstances, there can be a partner with limited liability; however that partner does not take part in the management of the business. Under Limited Partnerships there exist some partners whose liability is limited to the contribution of capital in the business. The resignation, retirement or death of such partner does not cause the dissolution of the firm. However, one partner has to have unlimited liability while the partners with limited liability do not take part in the management of the business. Also, such a partnership has to be registered. Joint Venture Partnership is similar to a general partnership, however it lasts for only a certain time period or for a certain project. Usually two companies share the costs, risks and benefits by running a project. However, a written agreement is not necessary. 5. The two methods of recording changes in the membership of a partnership are Bonus Method and Goodwill Method. Under bonus method, the assets accounts increases by the amount of capital contributed by the new partner. ...Show more

Summary

1. Cash $ 200,000
Capital – Sammy $ 200,000


2. Cash $ 300,000
Capital - Sammy $ 200,000
Goodwill $ 100,000
Author : hartmanndella
Partnership Accounting essay example
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