View Unit : Fundamentals of Bookkeeping and Accounting for Partnerships

Unit

Unit Reference Number

L/601/0723

Qualification Framework

QCF

Title

Fundamentals of Bookkeeping and Accounting for Partnerships

Unit Level

Level 3

Unit Sub Level

None

Guided Learning Hours

Unit Credit Value

Date of Withdrawal

SSAs

15.1 Accounting and Finance

Unit Grading Structure

Pass

Assessment Guidance

Learning Outcomes and Assessment Criteria

Learning Outcome - The learner will:		Assessment Criterion - The learner can:
1	Understand the partnership structure as a form of business entity	1.1	Define the term ‘partnership’
1		1.2	Assess the advantages and disadvantages of forming a partnership.
2	Understand the legislation relating to partnerships	2.1	Describe the main provisions of the Partnership Act 1890 .
		2.2	Explain the relevance of a Partnership Agreement
		2.3	Outline the main provisions that a typical Partnership Agreement may contain
3	Understand specific accounts used in partnership accounting	3.1	Describe how the following are used in accounting for partnerships: • partners’ fixed capital accounts • partners’ current accounts • partners’ drawings accounts • appropriation account • partnership balance sheet
4	Understand the procedures necessary to account for the changes in the structure of a partnership	4.1	Describe situations that will result in a change to the structure of a partnership.
		4.2	Explain the term ‘goodwill’.
		4.3	Explain how goodwill is accounted for following a change in the structure of a partnership.

Equivalent Units

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