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    Reviwer Midterm

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    Myrish Queen Anghag
    This document covers topics related to partnership formation, operation, dissolution, and changes in membership. It discusses the different types of partnerships, how partnerships are formed, how profits and losses are allocated, how partnerships can be dissolved, and what considerations are involved when a partner retires or the partnership incorporates. The document is divided into three modules that cover partnership operation, dissolution, and retirement or withdrawal of a partner and incorporation of the partnership.

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    Reviwer Midterm

    Uploaded by

    Myrish Queen Anghag
    34 views2 pages
    This document covers topics related to partnership formation, operation, dissolution, and changes in membership. It discusses the different types of partnerships, how partnerships are formed, how profits and losses are allocated, how partnerships can be dissolved, and what considerations are involved when a partner retires or the partnership incorporates. The document is divided into three modules that cover partnership operation, dissolution, and retirement or withdrawal of a partner and incorporation of the partnership.

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    reviwer midterm

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    This document covers topics related to partnership formation, operation, dissolution, and changes in membership. It discusses the different types of partnerships, how partnerships are formed, how profits and losses are allocated, how partnerships can be dissolved, and what considerations are involved when a partner retires or the partnership incorporates. The document is divided into three modules that cover partnership operation, dissolution, and retirement or withdrawal of a partner and incorporation of the partnership.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    34 views2 pages

    Reviwer Midterm

    Uploaded by

    Myrish Queen Anghag
    This document covers topics related to partnership formation, operation, dissolution, and changes in membership. It discusses the different types of partnerships, how partnerships are formed, how profits and losses are allocated, how partnerships can be dissolved, and what considerations are involved when a partner retires or the partnership incorporates. The document is divided into three modules that cover partnership operation, dissolution, and retirement or withdrawal of a partner and incorporation of the partnership.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Download as docx, pdf, or txt
    of 2

    Module 1 PARTNERSHIP: FORMATION, OPERATION,

    AND CHANGES IN MEMBERSHIP MODULE 2 PARTNERSHIP OPERATION


     Partnership  Partnership law
     A person  In case of profit or loss
     Common features of partnership  Formula of ff. features technique
     Requirements for partnership  Equally, arbitrary, ratio of partnership
     Content articles of partnership capital acc.
     Partnership pros and cons  Original capital
     Partnership form org.: income tax reporting  Average capital partnership agreement
     Non-taxability of gpps  Approach average capital balance (simple
     Provisions on the civil code for law on partnership average and weighted average)
     Regulation:article 1767-1867 of the civil code  Interest on capital balances
     Type of partnership  Interest on capital acc. With resultant net
     Nature contribution loss
     Capitalist partner  Personal services rendered in net income
     Industrial partner and loss sharing agreement
     Capital-industrial partner  Salary allowances
     Liabilities to third person  Salary allowances with resultant net loss
     General partner  Bonuses
     Limited partner  Basis of computation for bonus
     Types of partner interest in or obligations to  Bonus with resultant net loss
    business (managing, secret, silent, dormant,  Special problems in allocation of profit and
    ostensible) loss-salaries and interest as an expense
     Types of partnership as liability of partners  Correction of partnership net income of
     Limited partnership prior period
     General partnership  Subsequent changes in methods to allocate
     Types of partnership as to object net income or loss
     Universal partnership of all present property
     Universal partnership of profits
     Particular partnership
     Types of partnership as duration
     Partnership at will
     Partnership with a fixed term
     Types of partnership as purpose
     Commercial or trading partnership
     Professional partnership
     Recording capital contribution
     Cash investment
     Non-ash investment
     Liabilities
     Admission of an industrial partner
     Partners account
     Each partner can have: (capital account, drawing
    account, loan account)
     Numerous ways to form a partnership
     Valuation problem

    MODULE 3 RETIREMENT/WITHDRAWAL OF
    MODULE 3 PARTNERSHIP DISSOLUTION PARTNERSHIP AND INCORPORATION OF
     Partnership dissolution PARTNERSHIP
     Partners cspital interest  Before acctg. For partnership
     Partners interest in p/l withdrawal or retirement, some
     Partnership liquidation considerations shall include:
     Partner dissolution comes in many  Death of partner
    forms:  Incorporation of partnership
     Civil code a partnership is dissolved 
    through: 
     Assignment of an interest does not
    dissolve partnership
     Basis of partnership
     Partnership commonly deviate in gaap
    through the following: MODULE 3 PARTNERSHIP DISSOLUTION:
     Revaluation approach CHANGES IN OWNERSHIP
     Bonus approach  Admission by investment
     Admission of new partner  No bonus or revaluation (goodwill)
     Before dissolving the partnership  Bonus (absence of revaluation)
     Admission by purchase of interest approach
     Total agreed captl=book value of
    previous partnership less any write down or
    impairment
     Revaluation (goodwill)approach
    Total agreed captl=book value of
    previous partnership plus unrecognized
    appreciation/less unrecognized dept
    traceable to prev. partnership plus
     2 step in the process of analyzing
    admission by investment

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