Accounting for Formation
Review assets and liabilities of each partner and their market values in the following Excel Template, then:
- Journalize the formation of the partnership. Refer to Module 09 Partnership Formation tab to help with this requirement.
Half way through the first year of operations Conway and Lawrence admit Korman to the partnership.
- Journalize Korman’s admission to the partnership. Refer to Module 09 Partnership Admission tab to help with this requirement.
- Prepare an income distribution worksheet. Refer to Module 09 Dividing Income Between Partners tab to help with this requirement.
- Journalize the closing of the income summary accounts to the capital accounts.
After five years of operation Conway, Korma, and Lawrence decide to dissolve their partnership.
- Complete the liquidating
- Journalize each step of the liquidation
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