财务会计英语unit.创新.ppt

Section 1Partnership Accounting 1.1 Characteristics of a partnership Voluntary association (自愿的联盟) Partnership agreement (合伙契约) Limited life (有限经营期限) A partnership has a limited life because it is easily dissolved when (1) a new partner is admitted; (2) a partner withdraws; (3) a partner goes bankrupt or becomes incompetent; (4) a partner dies or retires; (5) the partnership ends according to the partnership agreement. Section 1Partnership Accounting Unlimited liability (无限责任) Co-ownership of property (财产共有) Participation in profits and losses (参与损益分配) Section 1Partnership Accounting Advantages and disadvantages of a partnership (合伙制的利弊) Advantages are that a partnership is easy to form, to change, and to dissolve. Also, a partnership facilitates the pooling of capital resources and individual talents. The disadvantages are that the life of a partnership is limited and that it is difficult for a partnership to raise large amount of capital. Section 1Partnership Accounting 1.2 Partnership accounting (合伙会计) Formation of a partnership (合伙企业的组成) Example 4.1 Example 4.2 Example 4.3 Example 4.4 Section 1Partnership Accounting Example 4.6 Suppose Colin Lambert invested $50,000 into L & L Co., the entry to record his investment is: Cash 50000 Colin Lambert, Capital 50000 Section 1Partnership Accounting Distribution of partnership income and losses (合伙企业的损益分配) The major methods for partners to share income and losses are: a. Stated ratios (设定比例) Stated ratios are applied when all partners agree to give certain partners certain percentage or fraction of the total in sharing the income. Section 1Partnership Accounting Example 4.7 Assume that L&LCo. had a net income of $88,000 during the first month’s operation. Their partnership agreement stated that the percentage distributed to Ted and Colin should be 60%and 40%, respective