To this point, the corporate form of business organization has been studied. This chapter will discuss the nature of proprietorships and partnerships, and how to account for various types of transactions within these entities.
Learning Objectives
LO1 – Describe the characteristics of a proprietorship.
LO2 – Describe how the financial statements of a proprietorship are different from those of a corporation.
LO3 – Describe the characteristics of a partnership.
LO4 – Account for a partnership’s profits and losses and prepare a statement of partner’s capital.
LO5 – Account for the admission or withdrawal of partners from a partnership.
LO6 – Account for the liquidation of a partnership.
- 2603 reads
