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Understand the partnership structure as a form of business entity
Define the term ‘partnership’
Assess the advantages and disadvantages of forming a partnership.
Understand the legislation relating to partnerships
Describe the main provisions of the Partnership Act 1890 .
Explain the relevance of a Partnership Agreement
Outline the main provisions that a typical Partnership Agreement may contain
Understand specific accounts used in partnership accounting
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
Understand the procedures necessary to account for the changes in the structure of a partnership
Describe situations that will result in a change to the structure of a partnership.
Explain the term ‘goodwill’.
Explain how goodwill is accounted for following a change in the structure of a partnership.