Chapter10AccountsforPartnershipandDistributionofNetIncomeAccountsforPartnershipPartnership:aconvenient,inexpensivemeansofcombiningthecapitalandthespecialabilitiesoftwoortwopartners.Jointventure:thesharingofanoperation’scost,risk,andmanagementwithapartnerprpartnersfromoverseas.PartnershipAccountingOpeningtheaccountsofaNewPartnershipCash700000AccountsReceivable100000Inventory90000OtherAssets260000AccountsPayable430000Guangli,Capital720000TorecordtheinvestmentbyGuangliServicesinthepartnershipofGuangyiCompanyThejournalentriestoopentheaccountsofthepartnership(Gunagli’s):PartnershipAccountingCash100000AccountsReceivable50000Inventory700000OtherAssets300000AccountsPayable200000Guangli,Capital950000TorecordtheinvestmentbyGuanghaiEnterpriseinthepartnershipofGuangyiCompanyOpeningtheaccountsofaNewPartnershipThejournalentriestoopentheaccountsofthepartnership(Gunaghai’s):PartnershipAccountingAdditionalInvestmentsCash330000Gunagli,Captial280000Guanghai,Capital950000TorecordadditionalinvestmentAfterthreemonthsofoperation,thefirmwasinneedofcashforfutureoperation.Thetwopartnersofthefirmdecidedtoincreasetheirrespectiveinvestmentsto1000000yuan.PartnershipAccountingDrawingAccountsCashorotherassetswithdrawnbyapartnerPaymentsfrompartnershipfundsofthepersonaldebtsofapartnerPartnershipcashcollectedinbehalfofthefirmbyapartnerbutretainedbythepartnerpersonallyPartnershipAccountingClosingtheAccountsofaPartnershipatYear-endIncomeSummary600000Gunagli,Captial300000Guanghai,Capital300000Toclosetheincomesummaryaccounttothepartners’capitalaccountBytheendofthefirstyearoperation,GuangyiCompanyhadearnedanetincomeof600000yuan,whichwasdividedequallybythetwopartners:PartnershipAccountingClosingtheAccountsofaPartnershipatYear-endGunagli,Captial180000Guanghai,Capital200000Guangli,Drawing180000Guanghai,Drawing200000Totransferdebitbalancesinpartners’drawingaccountstotheirrespectivecapitalaccountsWithdrawalsduringtheyearamountedto180000yuanforGuangliand200000yuanforGuanghai.Theentrytoclosethedrawingaccounts:PartnershipAccountingFinancialStatementsofaPartnershipatYear-endGuangyiCompanyIncomeStatementFortheYearEndedDecember31,200XSales1900000yuanCostofGoodsSoldInventory,Jan.1160000Purchases880000Costofgoodsavailableforsale1040000Less:Inventory,Dec.3140000CostofGoodsSold1000000GrossProfitonSales900000Operatingexpenses:Sellingexpenses200000Generalexpenses100000300000NetIncome600000yuanDivisionofnetincome:ToGuangli(50%)300000ToGuanghai(50%)300000600000yuanPartnershipAccountingFinancialStatementsofaPartnershipatYear-endGuangyiCompanyStatementofPartners’CapitalFortheYearEndedDecember31,200XGuangliGuanghaiTotalBalance,Jan.17200009500001670000Add:Additionalinvestments28000050000330000Netincomefortheyear300000300000600000Subtotals130000013000002600000Less:Drawings180000200000380000Balances,Dec.31112000011000002220000DistributionofNetIncomeofPartnershipProfitsearnedbypartnershipcompensatetheownersfor:PersonalservicesrenderedtothebusinessCapitalinvestedinthebusinessEntrepreneurialriskMethodsofDividingPartnershipNetIncomeamongthePartnersMostprofit-sharingagreementsfallunderoneofthefollowingtypes:Afixedratio:partnersmayagreeuponanyfixedratioSalaryallowances+Afixedratio:Salaryallowancestothepartners,withremainingnetincomeorlossdividedinafixedratioInterestallowances+Afixedratio:Interestallowancesonpartners’capitalbalances,withremainingnetincomeorlossdividedinafixedratioSalaryallowances+Interestallowances+Afixedratio:Salaryallowancestothepartners,interestallowancesonpartners’capitalbalances,andremainingnetincomeorlossdividedinafixedratioMethodsofDividingPartnershipNetIncomeamongthePartnersSalariestoPartners,withRemainderinaFixedRatioDivisionofNetIncomeGuangliGuanghaiNetIncomeNetincometobedivided800000yuanSalaryallowancestoPartners200000120000320000Remainingincomeaftersalaryallowances480000Allocatedinafixedratio:Guangli(50%)240000Guanghai(50%)240000480000Totalsharetoeachpartner440000360000-0-yuanIncomeSummary800000Guangli,Capital440000Guanghai,Capital360000ToclosetheincomesummaryaccountbycreditingeachpartnerwithagreedratiouponsalaryallowanceanddividingtheremainingprofitsequallyMethodsofDividingPartnershipNetIncomeamongthePartnersInterestAllowancesonPartners’Capital,withRemainderinaFixedRatioDivisionofNetIncomeGuangliGuanghaiNetIncomeNetincometobedivided500000yuanInterestallowancesonbeginningCapital:Guangli(650000*30%)195000Guanghai(1300000*30%)390000585000Residuallossafterinterestallowances(85000)Allocatedinafixedratio:Guangli(50%)(42500)Guanghai(50%)(42500)85000Totalsharetoeachpartner152500347500-0-yuanMethodsofDividingPartnershipNetIncomeamongthePartnersInterestAllowancesonPartners’Capital,withRemainderinaFixedRatioIncomeSummary500000Guangli,Capital152500Guanghai,Capital347500ToclosetheincomesummaryaccountbycreditingeachpartnerwithinterestininvestedcapitalandbydividingtheresiduallossequallyMethodsofDividingPartnershipNetIncomeamongthePartnersSalaryAllowances,InterestonCapital,andRemainderinaFixedRatioDivisionofNetIncomeGuangliGuanghaiNetIncomeNetincometobedivided1200000yuanSalaryallowancestopartners300000250000550000Incomeaftersalaryallowances650000InterestallowancesonbeginningCapital:Guangli(900000*20%)180000Guanghai(1400000*20%)280000460000Remainingincomeaftersalaryandinterest190000Allocatedinafixedratio:Guangli(50%)95000Guanghai(50%)95000190000Totalsharetoeachpartner575000625000-0-yuanMethodsofDividingPartnershipNetIncomeamongthePartnersIncomeSummary1200000Guangli,Capital575000Guanghai,Capital625000Toclosetheincomesummaryaccountbycreditingeachpartnerwithsalary,interestat20%onbeginningcapitalanddividingtheremainingprofitsequallySalaryAllowances,InterestonCapital,andRemainderinaFixedRatio
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