Transcript Preview of Chapter 12.pptx

Prepared by
Coby Harmon
University of California, Santa Barbara
Westmont College
12
Accounting for
Partnerships
Learning Objectives
After studying this chapter, you should be able to:
Identify the characteristics of the partnership form of business organization. [1]
Explain the accounting entries for the formation of a partnership. [2]
Identify the bases for dividing net income or net loss. [3]
Describe the form and content of partnership financial statements. [4]
Explain the effects of the entries to record the liquidation of a partnership. [5]
Preview of Chapter 12
Accounting Principles
Eleventh Edition
Weygandt Kimmel Kieso