Financial Statements and Liquidation of a Partnership Making Accounting Relevant Businesses take on different forms of organizations: partnership, sole.

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Presentation transcript:

Financial Statements and Liquidation of a Partnership Making Accounting Relevant Businesses take on different forms of organizations: partnership, sole proprietorship, or corporation. Making Accounting Relevant Businesses take on different forms of organizations: partnership, sole proprietorship, or corporation. Can you name any local businesses that may be organized as a partnership?

Section 1Financial Statements for a Partnership What You’ll Learn  How to show the division of net income among partners on the income statement.  How to prepare a statement of changes in partners’ equity.  How to prepare the Partners’ Equity section of a balance sheet. What You’ll Learn  How to show the division of net income among partners on the income statement.  How to prepare a statement of changes in partners’ equity.  How to prepare the Partners’ Equity section of a balance sheet.

Why It’s Important Partnership financial statements differ from those of a sole proprietorship and a corporation. Why It’s Important Partnership financial statements differ from those of a sole proprietorship and a corporation. Key Terms  statement of changes in partners’ equity Key Terms  statement of changes in partners’ equity Section 1Financial Statements for a Partnership (cont'd.)

The Income Statement The division of net income or net loss among the partners may be shown on the income statement. The Income Statement The division of net income or net loss among the partners may be shown on the income statement. Section 1Financial Statements for a Partnership (cont'd.)

The Statement of Changes in Partners’ Equity Reports the change in each partner’s capital account resulting from business operations. The Statement of Changes in Partners’ Equity Reports the change in each partner’s capital account resulting from business operations. Section 1Financial Statements for a Partnership (cont'd.)

The Balance Sheet Section 1Financial Statements for a Partnership (cont'd.)

Check Your Understanding What financial statements are prepared for a partnership? Section 1Financial Statements for a Partnership (cont'd.)