Intermediate Accounting 1
|
|
- Albert Fox
- 5 years ago
- Views:
Transcription
1 Intermediate Accounting 1 Lecture 1 Accounting for Partnerships Partnership Form of Organization: A partnership is an association of two or more persons to carry on as co-owners of a business for profit. 1
2 Characteristics of Partnerships: The principal characteristics of the partnership form of business organization are explained below: Association of Individuals: * Association of individuals may be based on as simple an act as a handshake, however, it is preferable to state the agreement in writing. * A partnership legal entity for certain purposes (i.e., property can be owned in the name of the partnership). accounting entity for financial reporting purposes. * Net income of a partnership not taxed as a separate entity. each partner s share of income is taxable at personal tax rates Mutual Agency: Mutual agency means that: Each partner acts on behalf of the partnership when engaging in partnership business. The act of any partner is binding on all other partners. This is true even when partners act beyond the scope of their authority, so long as the act appears to be appropriate for the partnership. Because of mutual agency, an individual should be extremely cautious in selecting partners. Characteristics of Partnerships: Limited Life: Partnerships have a limited life. It may be ended at any time either: a) voluntarily through acceptance of a new partner or withdrawal of a partner, or b) involuntarily by death or incapacity of a partner. Unlimited Liability: Each partner is personally and individually liable for all partnership liabilities. Co-Ownership of Property: Assets invested in the partnership are owned jointly by all the partners. If the partnership is dissolved, each partner has a claim on total assets equal to the balance in his or her respective capital account. Partnership Income or Loss: co-owned; if the partnership contract does not specify to the contrary, net income or net loss is shared equally by the partners. 2
3 Basic Partnership Accounting: The major accounting issues relate to: 1. Forming the partnership, 2. Dividing income or loss, and 3. Preparation of financial statements. 4. Admission of a partner 5. Withdrawal of a partner 6. Liquidation of a partnership Forming a Partnership: Each partner s initial investment in a partnership is entered in the partnership records at the fair market value of the assets at the date of their transfer to the partnership. The values assigned to the assets must be agreed to by all the partners. 3
4 Example: Assume that A. Rolfe and T. Shea combined their proprietorships to start a partnership named U.S. Software. Rolfe and Shea have the following assets prior to the formation of partnership. Book Value Market Value Rolfe Shea Rolfe Shea Cash $8000 $9000 $8000 $9000 Office Equipment Accumulated Depreciation (2000) Accounts Receivable Allowance for doubtful accounts (700) (1000) $11000 $12300 $12000 $
5 The journal entries to record the investments are shown below: Date Account Titles and Explanations Dr. Cr. Cash Office Equipment A. Rolfe, Capital To record the initial investment of Rolfe in the partnership. Cash Accounts Receivable Allowance for doubtful accounts T. Shea, Capital To record the initial investment of Shea in the partnership Note that: The office equipment is recorded at their market value. Because the equipment has not been used by the partnership, there is no accumulated depreciation. The Gross claims on customers (Accounts Receivable of $4000) are carried forward to the partnership. The allowance for doubtful accounts is adjusted to $1000 to arrive at a net realizable value of $3000 (the amounts expected to be collected from customers which equals accounts receivable less allowance for doubtful accounts ($4000 $1000 = $3000). A partnership may start with an allowance for doubtful accounts because it will continue to collect existing accounts receivable, some of which are expected to be uncollectible. After the partnership has been formed, the accounting for transactions is similar to any other type of business organization. The steps in the accounting cycle described for a proprietorship also apply to a partnership. 5
6 Ex 2: Meissner, Cohen, and Hughes are forming a partnership. Meissner is transferring $50,000 of cash to the partnership. Cohen is transferring land worth $15,000 and a small building worth $80,000. Hughes transfers cash of $9,000, accounts receivable of $32,000 and equipment worth $19,000. The partnership expects to collect $29,000 of the accounts receivable. Instructions: Prepare the journal entries to record each of the partners investments. Answer: Meissner is transferring $50,000 of cash to the partnership. Prepare the entry. Cash 50,000 Meissner, Capital 50,000 Cohen is transferring land worth $15,000 and a small building worth $80,000. Prepare the entry. Land 15,000 Building 80,000 Cohen, Capital 95,000 6
7 Hughes transfers cash of $9,000, accounts receivable of $32,000 and equipment worth $19,000. The partnership expects to collect $29,000 of the accounts receivable. Cash 9,000 Accounts receivable 32,000 Equipment 19,000 Allowance for doubtful accounts 3,000 Hughes, Capital 57,000 Ex3: Jack Herington has owned and operated a proprietorship for several years. On January1, he decides to terminate this business and become a partner in the firm of Herington and Kaspar. Herington s investment in the partnership consists of $12,000 in cash, and the following : assets of the proprietorship: accounts receivable $14,000 less allowance for doubtful accounts of $2,000, and equipment $20,000 less accumulated depreciation of $4,000. It is agreed that the allowance for doubtful accounts should be $3,000 for the partnership. The fair market value of the equipment is $13,500. Instructions: Journalize Herington s admission to the firm of Kaspar and Herington. 7
8 Jan. 1 Cash 12,000 Accounts Receivable 14,000 Equipment 13,500 Allowance for Doubtful Accounts... 3,000 Jack Herington, Capital... 36,500 Next Lecture Dividing income or loss (Income distribution) 8
9 End of Lecture 1 9
Accounting for Partnerships
appendix G Accounting for Partnerships study objectives After studying this appendix, you should be able to: 1 Identify the characteristics of the partnership form of business organization. 2 Explain the
More informationAdvanced Accounting B Partnership Accounting: Basic Concepts Page 1 PARTNERSHIP ACCOUNTING
Advanced Accounting 1305-87B Partnership Accounting: Basic Concepts Page 1 I. Basic Concepts of Partnership Accounting PARTNERSHIP ACCOUNTING A. What is A Partnership?: An association of two or more persons
More informationChecklist for Drafting Limited Partnership Agreements. This is a summary checklist to review when drafting a limited partnership agreement.
Form: Checklist for Drafting Limited Partnership Agreements Description: This is a summary checklist to review when drafting a limited partnership agreement. CHECKLIST FOR DRAFTING LIMITED PARTNERSHIP
More informationChapter # 11. Partnership Formation. Principles of Accounting B.Com Part I. Sameer Hussain
Partnership Formation Principles of Accounting B.Com Part I www.facebook.com/a4accounting.net WHAT THE EXAMINER USUALLY ASK? General Journal entries. Initial Balance Sheet. Page 164 PARTNERSHIP FORMATION
More informationFINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1)
FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1) Question No: 1 ( Marks: 1 ) - Please choose one Debenture is also named as: Share Bond Equity Reserve Question No: 2 ( Marks:
More information1) Mutual agency in a partnership means that partnership decisions may be made by any one of the partners. Answer: True False Diff: 1 Page Ref: 640
Chapter 12 Partnerships 1) Mutual agency in a partnership means that partnership decisions may be made by any one of the partners. Diff: 1 Page Ref: 640 2) Accounting for a partnership is similar to accounting
More informationNotes Receivable A note is a written promise to pay a specific amount at a specific future date. Includes an interest cost for the term of the note
RECEIVABLES Accounts Receivable Amounts due from customers for credit sales. Credit sales require: o Maintaining a separate account receivable for each customer. o Accounting for bad debts that result
More informationPARTNERSHIP ACCOUNTS
CHAPTER 8 PARTNERSHIP ACCOUNTS UNIT 1 : INTRODUCTION TO PARTNERSHIP ACCOUNTS LEARNING OUTCOMES After studying this unit, you will be able to: Understand the provisions of the Indian Partnership Act, 1932
More informationFinancial Accounting Chapter 7 Notes Cash and Receivables
Financial Accounting Notes Cash and Receivables I. Management Issues Related to Short-Term Financial Assets Management of short-term assets is critical to providing adequate liquidity. In dealing with
More informationOPERATING AGREEMENT OF, LLC
OPERATING AGREEMENT OF, LLC This Operating Agreement is made and adopted effective by, LLC, a limited liability company organized under the laws of South Carolina (the Company) and,,, and, its members
More informationAccounting for Financial Institutions Course code: ACT305 Bank Accounting
Accounting for Financial Institutions Course code: ACT305 Bank Accounting Lectures 3 and 4 1 Accounting for Investment Securities 2 1 There are three types of investment, which are: 1. Government treasury
More informationChapter 13 Forming Partnerships. Legal Relationship Between Partners. Some basic legal concepts:
1 - Forming Partnerships - Heading 2 - Relationship Between Partners - Heading Chapter 13 Forming Partnerships Legal Relationship Between Partners 3 - Relationship Between Partners - #1 4 - Relationship
More informationForms of business enterprise
G Forms of business enterprise http://www.nasscom.in/indian-itbpo-industry Doing business in India 115 Did you know! Available international comparisons show that India has the second-largest number of
More informationCHAPTER 8 The Organizational Plan: Teams, Legal Forms, & Strategic Alliances
Part 3 Developing the New Venture Business Plan CHAPTER 8 The Organizational Plan: Teams, Legal Forms, & Strategic Alliances Longenecker Moore Petty Palich 2008 Cengage Learning. All rights reserved. PowerPoint
More informationtafe accounting workbook solutions manual
tafe accounting workbook solutions manual financial accounting applications poustie Australia Brazil Japan Korea Mexico Singapore Spain United Kingdom United States Contents Page Chapter 1: Partnerships
More informationChapter 13. Identify the characteristics of a partnership. Learning Objectives. Objective 1. Partnerships
PowerPoint to accompany Partnerships Chapter 13 Learning Objectives 1. Identify the characteristics of a partnership 2. Account for the partners investment in a partnership 3. Allocate profits and losses
More informationJOINT VENTURES. There is legal limit of 20 members.
Joint venture is a very short duration business (generally confined to a single transaction) entered into by two or more persons jointly. In other words, it is a temporary partnership between two or more
More informationPROFESSIONAL LIMITED LIABILITY COMPANY OPERATING AGREEMENT GOLDEN THREAD COUNSELING, PLLC. A Member-Managed Professional Limited Liability Company
PROFESSIONAL LIMITED LIABILITY COMPANY OPERATING AGREEMENT GOLDEN THREAD COUNSELING, PLLC A Member-Managed Professional Limited Liability Company OPERATING AGREEMENT THIS OPERATING AGREEMENT is made and
More informationLegal Basis for Smooth Transfer of Property
Legal Basis for Smooth Transfer of Property Robert A. Tufts Attorney and Associate Professor School of Forestry and Wildlife Sciences Auburn University (334) 844-1011 Form of ownership Entities other than
More informationchapter - 8 PARTNERSHIP ACCOUNTS Unit 3 Admission of a New Partner The Institute of Chartered Accountants of India
chapter - 8 PARTNERSHIP ACCOUNTS Unit 3 Admission of a New Partner Learning Objectives : After studying this unit, you will be able to : Understand the reasons for which revaluation of assets and recomputation
More informationLimited Partnerships in Guernsey
GUIDE Limited Partnerships in Guernsey Last reviewed: March 2018 Limited partnerships are governed by the Limited Partnerships (Guernsey) Law, 1995, as amended (the Law). Formation of limited partnerships
More informationPaper N0:15. Solved by Chanda Rehman, Nomi chakwal ABr FINALTERM EXAMINATION. Fall MGT101- Financial Accounting (Session - 4)
Paper N0:15 Solved by Chanda Rehman, Nomi chakwal ABr FINALTERM EXAMINATION Fall 2009 MGT101- Financial Accounting (Session - 4) Time: 120 min Marks: 87 Question No: 1 ( Marks: 1 ) - Please choose one
More informationRate = 1 n RV / C Where: RV = Residual Value C = Cost n = Life of Asset Calculate the rate if: Cost = 100,000
Solved by ABr & Chanda Rehman Final MCQs It is supposed that on 31st December, 2007, the sundry debtors are amounted to Rs. 40,000. On the basis of past experience, it is estimated that 10% of the sundry
More informationForms of Corporate Structure i
Forms of Corporate Structure i One of the first decisions that you will have to make as a business owner is how the company should be structured. Krishnan Company, P.C., CPA, can help you select the form
More informationLPA registration: Can-I-Make-a-Lasting-Power-of-Attorney.aspx
Frequently Asked Questions on Lasting Power of Attorney Procedures WHAT YOU SHOULD KNOW: LASTING POWER OF ATTORNEY This guide will provide guidance on how Banks will process and administer instructions
More informationLIMITED LIABILITY COMPANY PREFORMATION CHECKLIST
LIMITED LIABILITY COMPANY PREFORMATION CHECKLIST prepared by: THOMAS S. ROSE ATTORNEY 12345 Jones Road, Suite 275 Houston, Texas 77070 281.807.9200 (direct) texaslawnet.com source website www.texaslawnet.com
More informationPRINCIPLES OF FINANCIAL ACCOUNTING ACC-101-TE
TECEP Test Description PRINCIPLES OF FINANCIAL ACCOUNTING ACC-101-TE This TECEP is an introduction to the field of financial accounting. It covers the accounting cycle, merchandising concerns, and financial
More informationIsle of Man Partnerships
Isle of Man Partnerships A Guide to Isle of Man Partnerships Legislation The law relating to partnerships is contained in the Partnership Act 1909. This provides for two types of Partnership: General Partnership
More informationCENTURY 21 ACCOUNTING, 9e General Journal Chapter Objectives
CENTURY 21 ACCOUNTING, 9e General Journal Chapter Objectives Chapter 1 Starting A Proprietorship: Changes that Affect the Accounting Equation After studying Chapter 1, you will be able to: 1. Define accounting
More informationCo-Applicant. Phone. Fax. Business Information
Applicant Legal Business List all trade names and D.B.A. if applicable Parent if applicant is a subsidiary Amount of Credit Requested: Will you furnish a financial statement upon request? Purchase Order
More informationPrinciples of Accounting II Chapter 19: Record and Communicate Equity Financing
Principles of Accounting II Chapter 19: Record and Communicate Equity Financing Time to Review Why does a business need? What are the three sources of? What are the major forms of? To raise large amounts
More informationSelect a Type of Ownership
Chapter 7 Select a Type of Ownership 7.2 Choose a Legal Form of Business Sole Proprietorship sole proprietorship a business that is owned exclusively by one person An individual proprietor owns and manages
More informationINTRODUCTION PARTNERSHIPS
NCEA LEVEL 3 ACCOUNTING By Elizabeth Pitu 2013 BOOK 1 INTRODUCTION and PARTNERSHIPS Teacher Manual NCEA LEVEL 3 ACCOUNTING By Elizabeth Pitu 2013 BOOK 1 INTRODUCTION and PARTNERSHIPS Student Workbook STUDENT
More informationRecord Transactions in the Journal. Copy (post) to the Ledger. Prepare the Trial Balance
Explain accounts, journals, and ledgers as they relate to recording transactions and describe common accounts Chapter 2 Record Transactions in the Journal 2 Basic summary device Detailed record of increases
More informationBank of Baroda Singapore Branch
Bank of Baroda Singapore Branch ACCOUNT OPENING FORM FOR ENTITIES For Office use only of Customer: Account No. USD GBP EUR JPY SGD Customer ID: Related Parties ID: Date of Opening: To:Bank of Baroda,Singapore
More informationPaper No:25 Solved by Chanda Rehman & ABr
Paper No:25 Solved by Chanda Rehman & ABr FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 1) Marks: 85 Question No: 1 ( Marks: 1 ) - Please choose one The area of accounting concerned
More informationMTN ZAKHELE BEE CONTRACT FOR USE BY PERSONS IN RESPECT OF THE MTN ZAKHELE INDEPENDENT TRADING PROCESS. entered into between:
1 MTN ZAKHELE BEE CONTRACT FOR USE BY PERSONS IN RESPECT OF THE MTN ZAKHELE INDEPENDENT TRADING PROCESS entered into between: ("You" 1 ) (insert full name of person who/which is the Beneficial Owner of
More informationQuestion No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an):
Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset Liability Revenue Deferred expense Question No: 2 ( Marks: 1 ) - Please choose
More informationAccountancy Class-XII Assignment
Chapter 1 Accounting For fundamentals Accountancy Class-XII Assignment 2017-18 Q1. Lata and Mamta are partners with capital of Rs. 3,00,000 and Rs. 2,00,000 respectively sharing profits as Lata 70% and
More informationGST on Imports and Deferred GST Scheme
GST on Imports and Deferred GST Scheme GST on Imports Importers purchasing goods worth more than $1,000 from overseas suppliers require their goods to go through the Australian Customs and Border Protection
More informationBook-Keeping & Accountancy
Written as per the revised syllabus prescribed by the Maharashtra State Board of Secondary and Higher Secondary Education, Pune. STD. XII Commerce Book-Keeping & Accountancy Salient Features Section of
More informationLegal Forms of Companies
Legal Forms of Companies 1. SOLE PROPRIETORSHIP A Sole Proprietorship is a business owned by an individual, not a company. This individual will possess 100% of the business, control the all part of its
More informationLAWS OF MALAYSIA. Act 707 LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010
LAWS OF MALAYSIA Act 707 LABUAN LIMITED PARTNERSHIPS AND LIMITED LIABILITY PARTNERSHIPS ACT 2010 Date of Royal Assent...... 31 January 2010 Date of publication in the Gazette......... 11 February 2010
More informationComposed & Solved Hafiz Salman Majeed
FINALTERM EXAMINATION Fall 2008 MGT101- Financial Accounting (Session - 4) Question No: 1 ( Marks: 1 ) - Please choose one Wages outstanding given in the trial balance will be treated as a (an): Asset
More informationCHAPTER III FORMS OF BUSINESS ENTERPRISES
CHAPTER III FORMS OF BUSINESS ENTERPRISES 1 Swiss company law Swiss company law is laid down in the Swiss Code of Obligations (CO, Schweizerisches Obligationenrecht). The CO contains the most important
More informationTerms and Conditions of the Mitchells & Butlers plc Scrip Dividend Scheme
Terms and Conditions of the Mitchells & Butlers plc Scrip Dividend Scheme This document is important. If you are in any doubt as to the action you should take, you should seek your own advice from an independent
More informationCOMPARISON OF BUSINESS ENTITIES
COMPARISON OF BUSINESS ENTITIES Applicable Factor C Corporation S Corporation Sole Proprietor Partnership I. Formation A. Method Articles of Incorporation Articles of Incorporation None Partnership Agreement
More informationExemplar for Internal Achievement Standard. Accounting Level 3
Exemplar for Internal Achievement Standard Accounting Level 3 This exemplar supports assessment against: Achievement Standard 91405 Demonstrate understanding of accounting for partnerships An annotated
More informationFor Educational Purposes Only
This publication is intended for informational/educational purposes only and should not be used to replace the advice of a qualified professional. It is not intended to be a substitute for professional
More informationCentury 21 Accounting, 9e Multicolumn Journal Chapter Outlines
Century 21 Accounting, 9e Multicolumn Journal Chapter Outlines PART 1 Chapter 1 ACCOUNTING FOR A SERVICE BUSINESS ORGANIZED AS A PROPRIETORSHIP Starting A Proprietorship: Changes that Affect the Accounting
More informationUNIT - 1: DISSOLUTION OF PARTNERSHIP FIRMS. Go through the circumstances in which a partnership is dissolved.
CHAPTER 15 PARTNERSHIP ACCOUNTS UNIT - 1: DISSOLUTION OF PARTNERSHIP FIRMS LEARNING OUTCOMES After studying this chapter, you will be able to r r r r Go through the circumstances in which a partnership
More informationACCOUNTING REPORTING FAC
FAC1601 1 CHAPTE 1 The Graduate Academy A reputation for excellence ACCOUNTING EPOTING FAC1601 2010 evision Notes Disclaimer: Any reference to codes is a reference to official UNISA codes. We do not duplicate
More informationRazor USA, LLC. Most good ideas begin as the solution to a problem, such as. Accounting for Partnerships and Limited Liability Companies CHAPTER 12
CHAPTER 12 Chris Hondros/Newsmakers/Getty Images Accounting for Partnerships and Limited Liability Companies Razor USA, LLC Most good ideas begin as the solution to a problem, such as with Gino Tsai. Gino
More informationTrust Deed and Rules of the Scheme
Trust Deed and Rules of the Scheme (adopted with effect from 21 March 2016 and incorporating all amendments made to 21 March 2016) Page 1 of 82 THE METAL BOX PENSION SCHEME Index to Trust Deed and Rules
More informationWelcome to the SARS Tax Workshop
Small Business Welcome to the SARS Tax Workshop The purpose of this presentation is merely to provide information in an easily understandable format and is intended to make the provisions of the legislation
More informationC o n s t i t u t i o n
C o n s t i t u t i o n Current Constitution - Effective as from 18 November 2011 Table of Contents 1. Preliminary 1 1.1 Name 1 1.2 Type 1 1.3 Replaceable Rules 1 1.4 Definitions 1 1.5 Interpretation 3
More informationDesirable Characteristics for the Business Entity
Desirable Characteristics for the Business Entity Maintain control while giving interests to family members (unity of management) Avoiding veto power of small owners Preventing interests in family property
More informationGUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE. To make your business #CPAPOWERED, call today and let s get started.
GUIDE TO SELECTING YOUR SMALL BUSINESS LEGAL STRUCTURE To make your business #CPAPOWERED, call today and let s get started. One important consideration when starting your business is determining the best
More informationChapter 20 Notes Uncollectible Accounts Expense
Chapter 20 Notes Uncollectible Accounts Expense Uncollectible Account- An account that has been defaulted on. Meaning that the person did not pay when it was due. Explanation of the Accounts Uncollectible
More informationU.C.C. - ARTICLE 4A - FUNDS TRANSFERS
U.C.C. - ARTICLE 4A - FUNDS TRANSFERS Copyright 1978, 1987, 1988, 1990, 1991, 1992, 1998, 2001 by The American Law Institute and the National Conference of Commissioners on Uniform State Laws; reproduced,
More informationAccounting 284 April 9th, 2017
Accounting 284 Exam 3 Review Bad Debt Accounting (3) ADA (1) 1. Company F has sales of $600,000 and net income of $55,000 for 2008. Based on prior experience, the company estimates 2% to be bad debt. Using
More informationLIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 2017
Limited Liability Partnerships (Jersey) Law 2017 Arrangement LIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 2017 Arrangement Article PART 1 3 PRELIMINARY 3 1 Interpretation... 3 PART 2 5 ESSENTIALS OF A LIMITED
More informationAccounting Definition
Accounting Definition MINSK MINSK INNOVATION UNIVERSITY Oct, 2015 Learning Objectives After this lecture, you should be able to: 1. Define accounting. 2. Describe the primary forms of business organization.
More informationWILEY CMAEXCEL LEARNING SYSTEM EXAM REVIEW 2016: SELF-STUDY GUIDE Part 1: Financial Reporting, Planning, Performance, and Control
ERRATA Added text is underlined. Deleted text is struck out. Modified text is in bold. In some cases, additional text, before and/or after the change, may be included to clarify the context or specific
More informationLIMITED PARTNERSHIP LAW
LIMITED PARTNERSHIP LAW DIFC LAW No. 4 of 2006 Consolidated Version (May 2017) As Amended by DIFC Law Amendment Law DIFC Law No. 1 of 2017 LIMITED PARTNERSHIP LAW AMENDMENT LAW CONTENTS PART 1: GENERAL...
More informationLIMITED PARTNERSHIP AGREEMENT CRT ENTERPRISES, LP
LIMITED PARTNERSHIP AGREEMENT CRT ENTERPRISES, LP This Limited Partnership Agreement of CRT Enterprises, LP ( The Limited Partnership or The Company ), is entered into and shall be effective as of the
More informationLESSON Recording A Payroll. CENTURY 21 ACCOUNTING Thomson/South-Western
LESSON 13-1 Recording A Payroll 2 PAYROLL REGISTER page 369 Total Earnings = Salary Expense Deductions all become Payables Net pay = Cash LESSON 13-1 3 ANALYZING PAYMENT OF A PAYROLL page 370 LESSON 13-1
More informationPension Plan Pension Insurance Scheme, Capital Savings Plan and Voluntary Savings Scheme
Pension Fund of F. Hoffmann-La Roche Ltd Pension Plan Pension Insurance Scheme, Capital Savings Plan and Voluntary Savings Scheme Effective from 1 January 2018 Translated from the original German, which
More informationPension Plan Pension Insurance Scheme, Capital Savings Plan and Voluntary Savings Scheme
Pension Fund of F. Hoffmann-La Roche Ltd Pension Plan Pension Insurance Scheme, Capital Savings Plan and Voluntary Savings Scheme Effective from 1 January 2019 Translated from the original German, which
More informationTreatment of Goodwill in Partnership Accounts. CPT Section A Fundamentals of Accountancy Chapter 8 Unit 2 Part 2 CA. Ajay Lunawat
Treatment of Goodwill in Partnership Accounts CPT Section A Fundamentals of Accountancy Chapter 8 Unit 2 Part 2 CA. Ajay Lunawat Learning objectives Need for valuation of Goodwill Valuation of Goodwill
More informationChoosing the Legal Structure of Your Business
Brief #02.00 Latest Revision: 09/2013 Southern Ohio Chapters Choosing the Legal Structure of Your Business Sole Proprietorship "C" Corporation Limited Liability Partnership Partnership "S" Corporation
More informationLIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997
LIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997 Revised Edition Showing the law as at 1 January 2017 This is a revised edition of the law Limited Liability Partnerships (Jersey) Law 1997 Arrangement
More informationAccountings Summary OUTLINE
Accountings Summary OUTLINE 1. Accounting and Business Environment 2. Recording Business Transaction 3. The Adjusting Process 4. Completing the Accounting Cycle 5. Merchandising Operations 6. Accounting
More informationCHAPTER - II Accounting for partnership firms - Fundamentals Q.1 What is the status of partnership from an accounting viewpoint? Q.2 List the items that may appear on the debit side and credit side of
More informationSIMPLE, GENERAL, LIMITED PARTNERSHIPS
SIMPLE, GENERAL, LIMITED PARTNERSHIPS General remarks No corporate model Liability of members Every member having unlimited liability is director and has the power of legal representation Unanimous consent
More informationStudent Learning Outcomes
Chapter 18 Shareholders Equity Part 2: Additional Issues Intermediate Accounting II Dr. Chula King Student Learning Outcomes Distinguish between accounting for retired shares and for treasury shares Describe
More informationACC100 Introduction to Accounting
ACC100 Introduction to Accounting Week 5 Adjusting Entries and the Trial Balance Chapter 4 Adjusting entries Study Group Australia Pty Limited, SGA1286-F2/10/12 2 Learning Outcomes On completion of this
More informationS Corporation. Articles of Incorporation. organizations also for tax years beginning after 1997.
Applicable Factor C S Sole Proprietor Partnership Liability Company I. Formation A. Method Articles of Incorporation Articles of Incorporation None Partnership agreement Articles of Organization B. Owner
More informationFarming Joint Ventures
Farming Joint Ventures Andrea V. Argue February 13, 2018 Outline 1. Distinguishing Joint Ventures 2. Use of Joint Ventures in the Farm Growth Phase and Farm Transition Phase 3. Setting up Joint Ventures
More informationMoving your Self Managed Super Fund (SMSF) into Pension Phase
Moving your Self Managed Super Fund (SMSF) into Pension Phase Moving accumulated superannuation benefits to pension phase is a common way to fund retirement income. If you have a self managed superannuation
More informationTerms and Conditions UOB Privilege Account Promotion up to 1.30% 3M (1 December to 29 December 2017)
Terms and Conditions UOB Privilege Promotion up to 1.30% 3M (1 ember to 29 ember ) 1. Definitions 1.1 means the UOB Privilege which is valid, subsisting and in good standing at all times as determined
More informationCLP (common limited partnership) and SLP (special limited partnership) *
CLP (common limited partnership) and SLP (special limited partnership) * * Extract of the Luxembourg companies law of 10 August 1915, as amended Common limited partnerships (sociétés en commandite simple)
More informationCPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra
CPT Chapter2, Unit-3 Fundamentals of Accountancy CA.S.K.Chhabra What is a Trial balance? It is a Statement prepared to ensure the arithmetical accuracy of all the accounts before the preparation of the
More informationIntra-group transactions - Suggested solutions
Intra-group transactions Suggested solutions PART A: Intra-group transactions that affect profits Question 1: Required 1a: The machine will be depreciated at a rate of 10% per annum. The rule is that the
More informationUNIT 4 : RETIREMENT OF A PARTNER
8.81 UNIT 4 : RETIREMENT OF A PARTNER LEARNING OUTCOMES After studying this unit, you will be able to: Learn how to compute the gaining ratio and observe the use of such gaining ratio. Be familiar with
More informationCS101 Introduction of computing
FINAL TERM EXAMINATION MGT101- Financial Accounting (PAPER 1). Question No: 1 (Marks: 1 ) basic accounting principle/concept according to which Business is independent from its owner(s) is known as: Separate
More informationLIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997
LIMITED LIABILITY PARTNERSHIPS (JERSEY) LAW 1997 Revised Edition Showing the law as at 1 February 2008 This is a revised edition of the law Limited Liability Partnerships (Jersey) Law 1997 Arrangement
More informationStep 2: Find out the value in use, which is the present value of future cash flow to be generated.
How to Record Property, Plant and Equipment (Relevant to Paper 7 Financial Accounting) Dr. Kent Lee Background In accordance with HKAS 16, a company can choose either the cost model or revaluation model
More informationPRESBYTERIAN CHURCH IN AMERICA FOUNDATION, INC. ENDOWMENT FUND AGREEMENT
PRESBYTERIAN CHURCH IN AMERICA FOUNDATION, INC. ENDOWMENT FUND AGREEMENT THIS ENDOWMENT FUND AGREEMENT (the Agreement ) is made and entered into by and between Presbyterian Church in America Foundation,
More informationNORTH TEXAS MODEL INVESTMENT CLUB DALLAS CHAPTER-BETTER INVESTING PARTNERSHIP AGREEMENT
NORTH TEXAS MODEL INVESTMENT CLUB DALLAS CHAPTER-BETTER INVESTING PARTNERSHIP AGREEMENT THE STATE OF TEXAS) ) KNOWN ALL BY THESE PRESENT: COUNTY OF DALLAS) This agreement of partnership, effective as of
More informationCurrent tax liability in four cases
Question 6.2 Current tax liability in four cases The chief financial officer of Lost Weekend Ltd has asked you to calculate the taxable income and prepare the journal entry for the current tax liability
More informationRBC Royal Bank Cash Back Program Terms and Conditions
1. Definitions You or your means: (i) the Personal Applicant on a Personal Account; (ii) the Business Applicant on a Business Account; and (iii) the Commercial Applicant on a Commercial Account; and we,
More information2K5 Exported Questions Business 1 Export Date: 7/11/2005
Business 1 Export Date: 7/11/2005 1 Becker Professional Review Sole Proprietorship and Joint Venture CPA-02963 Type1 M/C A-D Corr Ans: D PM B 1-01 1. CPA-02963 BEC C04 #15 Page 3 Fanny and John each own
More informationTerms and Conditions of the SSE plc Scrip Dividend Scheme
Terms and Conditions of the SSE plc Scrip Dividend Scheme This document is important. If you are in any doubt as to the action you should take, you should seek your own advice from an independent professional
More informationGeneral Business Assurance
General Business Assurance 8 September 2009 237 Disclaimer Financial Adviser s Guide PPS Insurance, in making this guide available, is not supplying advice, making any recommendation or providing any guidance,
More informationGUIDANCE NOTE 11. European Economic Interest Groupings (EEIGs) What is an EEIG?
GUIDANCE NOTE 11 European Economic Interest Groupings (EEIGs) What is an EEIG? An EEIG is a type of legal entity created under the European Community (EC) Council Regulation No. 2137/85. It is designed
More informationUOB Business Banking Go Global Program Terms and Conditions
UOB Business Banking Go Global Program Terms and Conditions 1. ELIGIBILITY FOR PROMOTION 1.1 This UOB Business Banking Go Global Program ( Promotion ) is only applicable to the following customers ( Customer(s)
More informationFA Fakhri Associates. Room No. 528, Price center 5 th floor, Preedy Street, Karachi &
3 Scope of tax. 1A Subject to the provision of sub section (6) of section 8 or any notification issued thereunder, where taxable supplies are made to a person who has not obtained registration number,
More informationAIFC GENERAL PARTNERSHIP REGULATIONS
---------------------------------------------------------------------------------------------- AIFC GENERAL PARTNERSHIP REGULATIONS AIFC REGULATIONS No. 5 OF 2017 December 20, 2017 Astana, Kazakhstan ----------------------------------------------------------------------------------------------
More informationAim: to use a general journal entry from the previous lecture (week 2) and post to a T account.
Reconstruction of accounts and error correction 1/07/2017 3:53 PM Lecture T accounting (Part 1) The video lecture for this topic is in two parts, which together look at steps 3-5 of the accounting, cycle
More information