Accounting for Partnership Firms ( College Level)
- 1x (Normal)
Introduction to Partnership2:13
General Features of Partnership1:44
Capital Accounts of Partners6:42
Methods of Maintaingn Capital Accounts0:31
Fixed Capital Method2:18
Proforma for Fixed Capital Method5:06
Fluctuationg Capital Method and Proforma3:41
Case Study on Fixed and Fluctuating Capital Method12:30
Difference between Fixed and Fluctuating Capital Methods2:17
Distribution of Profits3:02
Interest on Capital3:20
Case Study on Interest on Capital4:59
Interest on Drawings2:27
Methods for Computing Interest on Drawings0:27
Product Method for Interest on Drawings2:25
Case Study on Product Method2:49
Average Period Method5:27
Case Study on Average Price Method6:23
About This Class
A business can be in any form like Sole Proprietorship / Partnership / Joint Stock Company. For all these business models, the fundamental accounting practices are common. However, each model has some thing unique to their nature.
Partnership has certain unique features like Partners Capital, Interest on Capital, Drawings, Interest on Drawings, Profit Sharing, Sacrifice, Goodwill, Retirement, Dissolution, etc.
This course will cover the basic aspects related to Partnership Accounting.
Partnership is a business model carried on by two or more persons, who join hands on the basis of an agreement, by pooling their resources to run a lawful business. The main aim of partnership is to earn profit and share it among the partners.
The persons who have entered into partnership are called Partners and they are collectively known as Firm. The name in which the business is carried on by them will be called as Firm Name.
Investment made by Partners to the business will be called as Partners Capital and accounts opened for this purpose will be called as Partners Capital Accounts. These capital accounts will be personal in nature and all the personal transactions of the partners related with the firm will be accounted in that.
Similarly withdrawal by a partner in the form of money or money's worth from a firm in anticipation of profits is called drawings. Drawings account is a personal account and at the end of the accounting period, drawings account will be closed by transfer to capital account or current account of the partner concerned.
Similarly Interest will be provided on the capital contributed by the partner to the firm and interest will be charged on the drawings made by the partners.
By taking this course, you will learn
a) What is Partnership?
b) What are the general features of Partnership?
c) What are the elements of Partnership Deed?
d) Capital Accounts of Partners.
e) Fixed Capital Method for partners capital accounts.
f) Fluctuating Capital Method for partners capital accounts.
g) Drawings Accounts
h) Profit and Loss Appropriation Accounts
i) Computation of Interest on Drawings
This course is presented in simple language and the audience should know basics of accounting to understand this course effectively.
Video lectures are used in this course.
This course is structured in self paced learning style.
Take this course to understand the basic concepts of "Partnership Accounting" more effectively.
I am a Chartered Accountant with tonnes of passion for teaching.
I teach Financial Management for Chartered Accountancy and Cost and Management Accountancy students in Ernakulam,India. and I teach 100+ Finance, Accounts, Costing, Banking, Credit Analysis, Statistics, etc. in Skillshare.
I also hold
- Post Graduate Diploma in Business Administration in Finance from Symbiosis, Pune
- Bachelors in Commerce, from Loyola College, Chennai.
I worked in State Bank of India as Assistant Vice President - Credit for a period of four years after which i started my Chartered Accountancy Practice.
During the stint in State Bank of India, I worked on credit proposals of Mid Corporate Units and gained good experience in
a) Financial Analysis
b) Risk Assessment
c) Viability Study
d) Evaluating business models
e) Project Finance
f) Working Capital Management, etc.
I conduct work shops for Entrepreneurs, Chartered Accountancy / Cost and Management Accountancy Students on the topics like
a) Project Finance
b) Credit Risk Assessment
c) Entrepreneurship Development
d) Finance for Non Finance Executives
e) Burning Desire for Entrepreneurship
I love teaching and i want fundamentals of accounting and finance to reach students and so i am here.