Partnership Accounting

Establish and manage a partnership accounting system by applying principles tailored to partnership transactions. This course explains how to record partner capital contributions, maintain capital accounts, and allocate profits and losses properly. You will also account for the admission of new partners and the liquidation of the partnership, addressing the full lifecycle of partnership operations. By focusing on these unique transactions, the course equips you to operate an effective partnership accounting system.
Format

PDF Course

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Duration

1 Hour

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Course Information

Author: Steven Bragg
Course number: AC1106

Learning Objectives:
  • Recognize the uses to which a capital account is put.
  • Describe the accounting for the various partnership-related transactions.
  • Recognize the proper treatment of income taxes in a partnership.
  • Specify the proper accounting treatment when a partner retires.
  • Describe the process flow for a partnership liquidation.

Level: Overview
Instructional Method: QAS Self-Study
NASBA Category: Accounting
Prerequisites: None
Advance Preparation: None
Latest Review Date: June 2025
Program Registration Requirements: Click on the Enroll button to pay for and access the course. You will then be able to download the course as a PDF file, then take an on-line examination, and then download a certificate of completion if you pass the examination.
Program Refund Policy: For more information regarding administrative policies concerning complaints, refunds, and other matters, see our policies page.

AccountingTools, Inc. is registered with the National Association of State Boards of Accountancy (NASBA) as a sponsor of continuing professional education on the National Registry of CPE Sponsors. State boards of accountancy have the final authority on the acceptance of individual courses for CPE credit. Complaints regarding registered sponsors may be submitted to the National Registry of CPE Sponsors through its website: www.nasbaregistry.org.
The NASBA sponsor identification number for Accountingtools, Inc. is 115881.

AccountingTools is an IRS Approved Continuing Education Provider. We are compliant with the requirements for continuing education providers (as described in sections 10.6 and 10.9 of the Department of Treasury’s Circular No. 230 and in other IRS guidance, forms, and instructions). Our IRS Approved Continuing Education Provider number is 72821.