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Title: Advanced Accounting: Partnership Dissolution
Description: Summary of accounting for Partnership Dissolution.
Description: Summary of accounting for Partnership Dissolution.
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Change in the relation of the partnership:
1
...
Purchase of interest from partnership
b
...
Investment
2
...
Asset Revaluation - before admitting/retiring a partner, the partnership must adjust first all
assets needed to be revalued
...
No Asset Revaluation (Silent)
a
...
Purchase of Interest
• Bonus method
• Total Contributed Capital = Total Agreed Capital
b
...
Bonus to new partner - capital of new partner increases, capital of old partner decreases
...
Bonus to old partner - capital of new partner decreases, capital of old partner increases
...
Distribute any undistributed NI/NL
...
Adjust any assets/liabilities needed to be revalued
...
Admission - ignore
2, Retirement - only include to the retiring partner
Title: Advanced Accounting: Partnership Dissolution
Description: Summary of accounting for Partnership Dissolution.
Description: Summary of accounting for Partnership Dissolution.