Chapter 4 Mohammad Ovais Market Segmentation, Targeting and Positioning.
FINANACIAL ACCOUNTING - I I Presentation No.1 TOPIC: PARTNERSHIP Subtopic: Opening Account Group...
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Transcript of FINANACIAL ACCOUNTING - I I Presentation No.1 TOPIC: PARTNERSHIP Subtopic: Opening Account Group...
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FINANACIAL ACCOUNTING - I IFINANACIAL ACCOUNTING - I IPresentation No.1Presentation No.1
TOPIC: PARTNERSHIPTOPIC: PARTNERSHIPSubtopic: Opening AccountSubtopic: Opening Account
Group MembersGroup Members
Syed Yasir HussainSyed Yasir HussainSyed Saad AliSyed Saad AliAhmed SabihAhmed SabihOvais AhmedOvais Ahmed
Farrukh AskariFarrukh AskariSarfaraz NawazSarfaraz Nawaz
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ASSIGNMENT PART - IASSIGNMENT PART - I
• Partnership
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PartnershipPartnership
• A contract between two or more people in a joint business venture.
• In partnership all partners agree to combine their funds and/or talents and share in the profits and losses of their business venture.
• Each partners of a business entity is personally responsible for the partnership's total liabilities for the debts of the business.
• The assets are divided among the partners according to partnership agreement
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Types of PartnershipTypes of Partnership
• General Partnership
• Limited Partnership
• Limited Liability Partnership
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General partnershipGeneral partnershipIt is the most common way for a few investors to put their money together to buy or start business. In the absence of a partnership agreement, each general partner has an equal right to participate in the management and control of the business..
MUTUAL AGENCY
• It is the right of all partners in a partnership to act as a owner to take decisions for the business.
UNLIMITED PERSONAL LIABILTIY
• The condition facing a general partner in which liability is not limited to a person's investment in the business, but extends to the entrepreneur's total ability to make payments.
• The partner must assume that if business assets are not sufficient to settle creditor claims, the personal assets of the proprietor or partners may be used to settle the claims.
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Limited partnershipLimited partnership
• A partnership with at least one general partner and any number of limited partners.
• Partners who just invested capital into the business.
• Limited Partners are not liable for legal actions and debts the company may face.
• Limited partners are only liable to the extent of the amount of money they have invested.
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Limited liability partnershipsLimited liability partnerships
• A form of organization in which the individual partners are protected from the liabilities of the other partners.
• A partnership in which the partners have unlimited liability for their own business activities but limited liability for other partners activities.
• A partnership that limits partners’ risk of losing their personal assets to only their own acts and omissions and to the acts and omissions of people under their supervision.
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Accounting practices of partnershipAccounting practices of partnership
• The preparation and periodic review partnership agreement by any good accounting firm is critical to practice success.
• A properly drafted and comprehensive agreement that is updated regularly can prevent or minimize many problems that otherwise might arise.
• A separate capital account & a separate drawing account must be maintained by every partner.
• All changes in any partners capital account must be clearly shown in Statement's of partners equity.
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ASSIGNMENT PART-IIASSIGNMENT PART-II
Opening the Accounts of New Partnership
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Opening the Accounts of New Opening the Accounts of New PartnershipPartnership
• The valuation assigned to any asset others than cash contributed by any partner must have current market price of that asset.
• The current market price of contributed asset must my agreed by every partner.
• The capital account which should be maintained by every partner must show the accurate amount invested or withdrawn by the partners.
• A Drawing Accounts must be maintained by every partner which exactly show the amount of asset or cash withdrawals by the partners.