NATURE AND ORGANIZATION OF PARTNERSHIP ENTITY in Visual Studio .NET

Creation QR Code JIS X 0510 in Visual Studio .NET NATURE AND ORGANIZATION OF PARTNERSHIP ENTITY
421 NATURE AND ORGANIZATION OF PARTNERSHIP ENTITY
QR Code ISO/IEC18004 Recognizer In .NET Framework
Using Barcode Control SDK for VS .NET Control to generate, create, read, scan barcode image in Visual Studio .NET applications.
42 5
Encode QR Code In .NET
Using Barcode printer for VS .NET Control to generate, create QR-Code image in .NET applications.
case of a limited partnership, such ling is imperative There may also be a requirement that the agreement be published in newspapers According to Bogen, the following 12 matters should be covered by the articles: 1 2 3 4 5 6 7 8 9 10 11 12 Names of partners and the rm name Kind of business to be conducted Capital contribution of each partner Duration of the partnership contract The time to be devoted to the business by each, and any limitation upon outside business interests Method of dividing pro ts and losses Restrictions upon the agency powers of the partners Salaries to be paid partners, or limitations upon the withdrawal of pro ts Method of admitting new partners Provision for insurance on lives of partners for bene t of rm Procedure to be followed in voluntary dissolution Procedure upon death or withdrawal of partner, including method of valuation of tangible assets and goodwill, and provision for continuation of the business by the remaining partners3
QR Code Reader In .NET Framework
Using Barcode decoder for VS .NET Control to read, scan read, scan image in .NET framework applications.
In the event that contributions of assets other than cash are being made to the new rm, the articles should also cover the matter of income tax treatment upon the subsequent disposal of such assets In general, such assets retain the tax basis of the previous owner so that the taxable gain or loss when ultimately disposed of may be greater or less than the gain or loss to the partnership Many partnerships have been plagued, if not entirely destroyed, through disagreements that could have been avoided, or greatly minimized, by the exercising of more care and skill in the drafting of the original agreement (f) INITIAL BALANCE SHEET Section 8 of the UPA states that:
Paint Bar Code In .NET
Using Barcode maker for .NET framework Control to generate, create bar code image in .NET framework applications.
All property originally brought into the partnership or subsequently acquired by purchase or
Barcode Scanner In .NET Framework
Using Barcode scanner for .NET framework Control to read, scan read, scan image in VS .NET applications.
otherwise, on account of the partnership is partnership property
QR Drawer In C#
Using Barcode maker for Visual Studio .NET Control to generate, create QR Code ISO/IEC18004 image in Visual Studio .NET applications.
Unless the contrary intention appears, property acquired with partnership funds is partnership
QR Code 2d Barcode Drawer In VS .NET
Using Barcode creator for ASP.NET Control to generate, create QR image in ASP.NET applications.
property It follows that the initial balance sheet should explicitly identify the assets contributed by partners as belonging to the partnership and assign values to these assets that are agreeable to all partners Debts assumed by the partnership will receive comparable treatment The initial balance sheet should also show the total initial proprietorship and the partners shares therein According to Moonitz and Jordan:
Generate QR Code In Visual Basic .NET
Using Barcode printer for Visual Studio .NET Control to generate, create Quick Response Code image in .NET applications.
The most direct manner of accomplishing this result is to include the initial balance sheet in the partnership agreement itself If it is not expedient to include it as an integral part of the agreement, reference to the initial balance sheet should be made in the agreement, and the balance sheet, as a separate document, should be signed by each partner4
GS1-128 Generation In VS .NET
Using Barcode drawer for .NET Control to generate, create UCC.EAN - 128 image in Visual Studio .NET applications.
Unambiguous identi cation of assets and obligations at the inception of the partnership is important for at least two reasons: (1) Partnership creditors have no claim against the assets of
Code 39 Creation In .NET Framework
Using Barcode generator for Visual Studio .NET Control to generate, create Code 39 Full ASCII image in VS .NET applications.
Bogen, Advantages and Disadvantages of Partnership Maurice Moonitz and Louis H Jordan, Accounting An Analysis of Its Problems, 2 vols, rev ed (Holt, Rinehart and Winston, New York, 1963)
Bar Code Creator In VS .NET
Using Barcode encoder for VS .NET Control to generate, create bar code image in .NET framework applications.
42 6
Postnet 3 Of 5 Drawer In VS .NET
Using Barcode creator for .NET framework Control to generate, create USPS POSTNET Barcode image in .NET framework applications.
PARTNERSHIPS AND JOINT VENTURES
EAN13 Printer In VS .NET
Using Barcode maker for ASP.NET Control to generate, create EAN / UCC - 13 image in ASP.NET applications.
individual partners until the partnership assets have been exhausted (special cases are discussed in Parts III and VI of the UPA) (2) Unless speci cally provided for in the partnership agreement, partnership assets may be used only for partnership purposes; partners personal assets are, of course, subject to no such limitations
GTIN - 13 Printer In Java
Using Barcode generator for Java Control to generate, create GS1 - 13 image in Java applications.
422 ACCOUNTING FOR PARTNERSHIP OPERATIONS
Barcode Generation In .NET Framework
Using Barcode drawer for ASP.NET Control to generate, create bar code image in ASP.NET applications.
(a) PECULIARITIES OF PARTNERSHIP ACCOUNTING In many respects, the accounting problems of the partnership are the same as those of other forms of business organization The underlying pattern of the accounting for the various assets and current goods and service costs, including departmental classi cation and assignment, is not modi ed by the type of ownership and method of raising capital employed The same is true of the recording of revenues and the treatment of liabilities The special features of partnership accounting relate primarily to the recording and tracing of capital, the treatment of personal services furnished by the partners, the division of pro ts, and the adjustments of equities required upon the occasion of reorganization or liquidation of the rm (b) METHODS OF DIVIDING PROFITS AND LOSSES As stated in Section 18 of the UPA, partnership income is shared equally unless otherwise provided for in the partnership agreement In some cases, the agreement may specify division of pro ts in an arbitrary ratio (which of course includes the equal ratio already mentioned), referred to elsewhere in this discussion as the income ratio Such a speci ed ratio (eg, 60 40, 2/3 1/3) may or may not be related to the original capital contributions of the respective partners It is reiterated that the essential point is agreement among the partners as to how they wish pro ts to be divided Another example of pro t division by a single set of relationships is afforded by division in proportion to capital balances Since this phrase is ambiguous, the agreement should specify which of the following bases are intended: (1) original capital, (2) capital at the beginning of the year, (3) capital at the end of the year, or (4) average capital If the last is speci ed, the method of computation should be outlined (c) EXAMPLE USING AVERAGE CAPITAL RATIO The following example shows the division of pro ts and losses on the basis of average capital ratios The Articles of Copartnership of Bracey and Maloney provide for the division of pro ts on the basis of the average capital balances as shown for the year by the books of the partnership Effect is to be given to all contributions and withdrawals during the year The capital accounts for the year appear as follows:
Paint EAN / UCC - 14 In Java
Using Barcode maker for Java Control to generate, create GS1 128 image in Java applications.
Bracey Debit January 1 March 1 April 1 June 1 July 1 September 1 October 1 December 1 $6,000 $3,000 12,000 6,000 3,000 9,000 9,000 Credit $60,000 Debit
Recognize Data Matrix ECC200 In Visual Studio .NET
Using Barcode decoder for .NET Control to read, scan read, scan image in VS .NET applications.
Maloney Credit $48,000
Draw Bar Code In Java
Using Barcode encoder for Java Control to generate, create bar code image in Java applications.
21,000 6,000
Code 39 Full ASCII Creator In Java
Using Barcode generator for Java Control to generate, create Code 39 Full ASCII image in Java applications.
Computation of average capital is as follows:
Creating Code-128 In Visual Basic .NET
Using Barcode generation for .NET Control to generate, create Code 128 image in Visual Studio .NET applications.
422 ACCOUNTING FOR PARTNERSHIP OPERATIONS Bracey Debits January 1 March 1 June 1 September 1 October 1 $6,000 12,000 3,000 9,000 $15,000 $75,000 Credits $60,000 Balance $60,000 54,000 66,000 69,000 60,000 $60,000 Time Maintained 2 mos 3 3 1 3 12 mos
42 7
Dollar-Months $120,000 162,000 198,000 69,000 180,000 $729,000 $ 60,750
Average capital ($729,000 12)
Maloney Debits January 1 April 1 July 1 September 1 October 1 December 1 $ 3,000 6,000 21,000 9,000 $18,000 Average capital ($576,000 12) 6,000 $75,000 Credits $48,000 Balance $48,000 45,000 39,000 60,000 51,000 57,000 $57,000 Time Maintained 3 mos 3 2 1 2 1 12 mos Dollar-Months $144,000 135,000 78,000 60,000 102,000 $57,000 $576,000 $48,000
If net pro t for the year is $36,000, it is distributed as follows: