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Partnership Accounting, Partnership formation, net income allocation, adding new partners, liquidation, partner leaving, closing process
Created by Robert (Bob) Steele
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What Will I Learn?
- Process for setting up a partnership
- The allocation of net income to partners
- The recording of partner withdrawals
- Recording the partnership closing process
- Journal entries related to a partner leaving the partnership
- Journal entries related to adding a new partner to the partnership
- The liquidation process for a partnership
- A comprehensive problem on the accounting cycle
- Key terms definitions and explanations related to partnerships
Requirements
- We should have a basic understanding of financial accounting and debits and credits
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