PARTNERSHIPS: FORMATION, OPERATION, AND OWNERSHIP CHANGES
LEARNING OBJECTIVES
Describe the characteristics of a general partnership, a limited partnership, and a joint venture.
List some important items to be included in the partnership agreement.
Understand the differences between partnerships' and corporations' equity accounts in the balance sheet.
Explain the purpose of the partners' drawing accounts and capital accounts.
Prepare journal entries to form a partnership using the bonus and the goodwill methods.
Describe some common agreements used to allocate partnership net income or loss.
Explain why salary allowances and interest allowances are used in allocating partnership profits ...
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