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1、13-1 Accuracy checked Solutions Manualto accompanyPrinciples of Accounting 2nd editionbyJerry Weygandt, Keryn Chalmers, Lorena Mitrione Michelle Fyfe, Susana Yuen, Donald Kieso, Paul KimmelChapter 13Accounting for partnershipsJohn Wiley & Sons Australia, Ltd13-2 Accuracy checked CHAPTER 13Accounting
2、 for PartnershipsASSIGNMENT CLASSIFICATION TABLELearning Objectives QuestionsBriefExercises Exercises Problems 1. Identify the characteristics of the partnership form of business entity.1, 2, 32. Explain the accounting entries for the formation of a partnership.4 1, 2 1 1, 33. Identify the bases for
3、 dividing profit or loss.5, 6, 7, 8,93, 4, 5 2 2, 35. Explain the effects of the entries when a new partner is admitted.11,12,13 6, 7 4,5,6, 46. Describe the effects of the entries when a partner withdraws from the partnership.14,15,16,17 8, 9 7,8,9 54. Describe the form and content of partnership f
4、inancial statements.10 3 1, 27. Explain the effects of the entries to record the liquidation of a partnership.18,19,20,21,2210 10,11,12,136,713-3 Accuracy checked ASSIGNMENT CHARACTERISTICS TABLEProblemNumber DescriptionDifficultyLevelTimeAllotted (min.)1 Prepare entries for formation of a partnersh
5、ip and a statement of financial position.Simple 20-302 Journalise divisions of profit and prepare a partnership statement of changes in equity.Moderate 30-403 Prepare entries for formation of a partnership, statement of financial position and show division of profit and prepare partners current acco
6、unts.Moderate 30-404 Journalise admission of a partner under different assumptions.Moderate 30-405 Journalise withdrawal of a partner under different assumptions.Moderate 30-406 Prepare entries and schedule of cash payments in liquidation of a partnership.Moderate 30-407 Journalise entries in a liqu
7、idation of a partnership with capital deficiency.Moderate 30-4013-4 Accuracy checked BLOOMS TAXONOMY TABLECorrelation Chart between Blooms Taxonomy, Learning Objectives and End-of-Chapter Exercises and ProblemsLearning Objective Knowledge Comprehension Application Analysis Synthesis Evaluation1. Ide
8、ntify the characteristics of the partnership form of business organisation.Q13-1Q13-2Q13-32. Explain the accounting entries for the formation of a partnership.Q13-4BE13-1BE13-2E13-1P13-13. Identify the bases for dividing profit or loss.Q13-5Q13-6Q13-8Q13-7Q13-9BE13-3BE13-4BE13-5E13-2P13-2P13-35. Exp
9、lain the effects of the entries when a new partner is admitted.Q13-11Q13-12Q13-13BE13-7BE13-8E13-4E13-5E13-6P13-46. Describe the effects of the entries when a partner withdraws from the partnership.Q13-14Q13-15Q13-16Q13-17BE13-9BE13-10E13-7E13-8E13-9P13-5*4. Describe the form and content of partners
10、hip financial statements.Q13-10 E13-3E13-27. Explain the effects of the entries to record the liquidation of a partnership.Q13-18Q13-19Q13-20Q13-21Q13-22BE13-6E13-10E13-11E13-12E13-13P13-6P13-7Broadening Your Perspective Exploring the WebGroup Decision CaseCommunication Group Decision CaseEthics Cas
11、e13-5 Accuracy checked ANSWERS TO QUESTIONS1. (a) Association of individuals. A partnership is a voluntary association of two or more individuals based on as simple an act as a handshake. Preferably, however, the agreement should be in writing. A partnership is an accounting entity, but it is not a
12、taxable entity.(b) Limited life. A partnership does not have unlimited life. A partnership may be ended voluntarily or involuntarily. Thus, the life of a partnership is indefinite. Any change in the members of a partnership results in the dissolution of the partnership.(c) Co-ownership of property.
13、Partnership assets are co-owned by all the partners. If the partnership is terminated, the assets do not legally revert to the original contributor. Each partner has a claim on total assets equal to his or her capital balance. This claim does not attach to specific assets the individual partner cont
14、ributed to the partnership.2. (a) Mutual agency. This characteristic means that the act of any partner is binding on all other partners when engaging in partnership business. This is true even when the partners act beyond the scope of their authority, so long as the act appears to be appropriate for
15、 the partnership.(b) Unlimited liability. Each partner is personally and individually liable for all partnership liabilities. Creditors claims attach first to partnership assets and then to personal resources of any partner, irrespective of that partners equity in the partnership.3. The advantages o
16、f a partnership are: (1) combining skills and resources of two or more individuals,(2) ease of formation, (3) not subject to as much governmental regulation as companies, (4) ease of decision making, and (5) no taxation of partnership profit. Disadvantages are: (1) mutual agency, (2) limited life, (3) unlimited liability, and (4) partners may not be able to work together.4. The capital balance should be $112 000, comprised of land $75 000, and equipment $57 000, le
