A level, Partnership Accounts Basics

Accounting 9706 A level Notes

Section 1.4.3

Financial Statements of Partnership

Financial Statements of Partnership

Candidates should be able to: To prepare an income statement, appropriation account and statement of financial position for a partnership from full or incomplete accounting records with understanding of Current account and Capital account.

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Accounting 9706 A level Notes

Financial Statements of Partnership

FINANCIAL STATEMENTS OF PARTNERSHIP 1. Types of business entity A business entity is a commercial organisation that aims to make a profit from its operations. There are three main types of business entity; 

a sole trader



a business partnership



a company (a limited liability company).

Partnership can be defined as the relationship which exists between persons carrying on a business in common with a view of profit. The people who own a partnership are called partners. They do not have to be based or work in the same place, though most do. However, they maintain one set of accounting records and share the profits and losses. In other words, a partnership is an arrangement between two or more individuals in which they undertake to share the risks and rewards of a joint business operation. It is usual for a partnership to be established formally by means of a partnership agreement. However, if individuals act as though they are in partnership even if no written agreement exists, then it will be presumed that a partnership does exist and that its terms of agreement are reflected in the way the partners conduct the business, ie the way profits have been divided in the past, etc. In some countries legislation may exist which governs partnerships.

2. When Partnership is a viable business structure? Many business ventures carry financial risk should they fail. By forming a partenership, the level of risk is reduced. Firstly, any loss can be shared by all the partners and, secondly, by involving more than one person’s expertise, the chances of failure are reduced.

3. Advantages and disadvantages of partnership opposed to a sole trader: The advantages of a partnership are as follows: 

 

More capital can be raised because of the number of partners Specialised management – each partner can work in the area in which they are qualified or have expertise Continuation of the business if one partner dies or retires Partners can better afford to take a long break or holiday.

The disadvantages of a partnership are: 

The decision-making process can be slower due to consultation among partners

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Accounting 9706 A level Notes

  

Financial Statements of Partnership

Many partnerships end in disagreement The profit has to be shared among partners There is unlimited liability if the business has to wind up. (Unless a limited liability partnership (LLP) is formed. LLPs are outside the scope of CIE A level 9706 syllabus.)

4. Nature of a partnership: 1. A partnership has the following characteristics: 2. It is formed to make profits. 3. It must obey the law as given in the Partnership Act 1890. If there is a limited partner (partner with limited liability), it must also comply with the Limited Partnership Act of 1907. 4. Normally there can be a minimum of two partners and a maximum of twenty partners. Exceptions are banks, where there cannot be more than ten partners; and there is no maximum for firms of accountants, solicitors, stock exchange members, surveyors, auctioneers, valuers, estate agents, land agents, estate managers, or insurance brokers. 5. Each partner (except for limited partners described below) must pay their share of any debts that the partnership could not pay. If necessary, they could be forced to sell all their private possessions to pay their share of the debts. This can be said to be unlimited liability. 6. Partners who are not limited partners are known as general partners.

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

5. Types of Partnerships: There are generally three types of partnerships detail of which are given below. General Partnerships:

Limited Partnerships:

A general partnership involves two or more owners carrying out a business purpose. General partners share equal rights and responsibilities in connection with management of the business, and any individual partner can bind the entire group to a legal obligation. Each individual partner assumes full responsibility for all of the business's debts and obligations.

A limited partnership allows each partner to restrict his or her personal liability to the amount of his or her business investment. Not every partner can benefit from this limitation -- at least one participant must accept general partnership status, exposing himself or herself to full personal liability for the business's debts and obligations. The general partner retains the right to control the business, while the limited partner(s) do (does) not participate in management decisions. Both general and limited partners benefit from business profits.

Limited Liability Partnerships (LLP): Limited liability partnerships (LLP) retain the tax advantages of the general partnership form, but offer some personal liability protection to the participants. Individual partners in a limited liability partnership are not personally responsible for the wrongful acts of other partners, or for the debts or obligations of the business.

6. Partnership agreement Partnership agreement is a voluntary contract between two or among more than two persons to place their capital, labor, and skills, and corporation in business with the understanding that there will be a sharing of the profits and losses between/among partners. This is the agreement made among the partners – the policies, formulated by the partners, under which the partnership business will be governed. Some of the principles that might be covered under such an agreement include: i. ii. iii. iv. v. vi. vii. viii.

Contribution of capital by each partner Share of profit and loss Rate of interest on partners’ capital,( if any, to be paid on capital before the profits are shared.) Rate of interest on any loans or advances salary to be paid to partners Rate of interest on drawings (if any to be charged.) Working schedule and specialisation. Arrangements for the admission of new partners. Procedures to be carried out when a partner retires or dies.

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

In the absence of a partnership agreement, section 24 of the Partnership Act 1890 governs the situation. As an example, in the UK, the Partnership Act of 1890 sets out the following principles: i. ii. iii. iv. v.

Profit or loss should be shared equally between partners No salary should be paid to partners No interest on drawings should be charged to partners No interest should be credited to partners for their capital invested Partners who put a sum of money into a partnership in excess of the capital they have agreed to subscribe are entitled to interest at the rate of 5 per cent per annum on such an advance.

7. Preparing partnership accounts: Following are the specific issues that require special attention in case of partnership accounts: 

Maintenance of capital accounts of partners;



Ascertainment and allocation of profit and losses;



Adjustment for wrong allocation of profits and losses;



Allocation of profits involving minimum guaranteed profit to a partner;



Reconstitution of the partnership firm; and



Dissolution of the firm

There are two respects in which partnership accounts are different, however. (a) The funds put into the business by each partner are shown differently. (b) The net profit must be appropriated by the partners, ie shared out according to the partnership agreement. This appropriation of profits (sharing out profits in accordance with the partnership agreement) must be shown in the partnership accounts.

7.1 How to calculate and distribute ‘Profit and Loss’ of partnership business: Calculation of profit and loss is similar to sole trader as the income statement (trading and profit and loss account) would be identical with that as prepared for the sole trader. However, a partnership would have an extra section shown below the profit and loss section. This section is called the profit and loss appropriation account, and it is in this account that the distribution of profits is shown. The heading to the trading and profit and loss account for a partnership does not normally include the words ‘appropriation account’.

7.2 Profit and Loss Appropriation Account As stated above, the net profit as shown by the profit and loss account of a partnership firm needs certain adjustments with regard to interest on capitals, interest on drawings, salary, commission to the partners, if provided, under the agreement. For this purpose, 'Profit and Loss Appropriation Account' may be prepared. This is merely an extension of the profit and loss 5

Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

account and is prepared to show how net profit is to be distributed among the partners. This account is credited with net profit and interest on drawings, and debited with interest on capitals, salary or commission to partners. If, however, the profit and loss appropriation account shows a net loss, it will be shown on the debit side of the profit and loss appropriation account. After these adjustments have been made, the Profit and Loss Appropriation Account will show the amount of profit or loss, which shall be distributed among the partners in the agreed profit sharing ratio.

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

8. FORMATS: Financial Statements (Final Accounts) of a Partnership business Sole Trader (Name) Income Statement (Trading and Profit and Loss Account) for the year ended ………… Particulars

Amount $

Amount $

Revenue (sales) Less Sales returns Net Sales Less Cost of sales; Inventory (opening stock) Purchases Less Purchases returns Less Goods for own use Carriage inwards Less Inventory (closing stock)

xxxx xxxx xxxx Xxxx xxxx xxxx xxxx xxxx xxxx xxxx

Xxxx Xxxx Xxxx

Gross profit

***Net profit * ** ***

(xxxx)

xxxx

Add Other income; Discount received Rent received Commission received *Profit on disposal of fixed assets **Reduction in provision for doubtful debts Less Expenses; Wages and salaries Office expenses Rent and rates Insurance Office expenses Motor vehicle expenses Selling expenses Loan interest *Loss on disposal of fixed assets **Provision for doubtful debts Depreciation of fixtures and fittings Depreciation of office equipment Depreciation of motor vehicles

Amount $

xxxx xxxx xxxx xxxx xxxx xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx Xxxx

xxxx

xxxx

If only one asset was sold during the year only one of these items will appear If the provision reduces, the surplus amount is added to the gross profit: if the provision increases, the amount required is included in the expenses If the expenses exceed the gross profit plus other income the resulting figure is described as a net loss

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

Partnership (Name) Profit and Loss Appropriation Account for the year ended ………………………. Particulars Net profit/loss (carried down from income statement) Add **Interest on drawings Partner A Partner B Less **Interest on capital Less **Partner’s salary

Partner A Partner B Partner A / B

Amount $

Amount $

Amount $ xxxx

Xxxx Xxxx xxxx xxxx

Xxxx Xxxx

xxxx xxxx

xxxx xxxx

*Profit/loss shares (to be appropriated)

Partner A

Xxxx

Partner B

Xxxx

xxxx

* Residual profit is shared in the ratio stated in the partnership agreement. If there is nothing about profit and loss sharing among partners in agreement then as per Partnership Act 1890 (UK) profit and loss would be shared equally among all partners. ** No interest on capital, interest on drawings and partner’s salary would be charged if not mention in agreement.

9. Why and how to maintain ‘Partners' Capital Accounts’: In case of partnership firm, the transactions relating to partners are recorded in their respective capital accounts. Normally, each partner's capital account is prepared separately. But these accounts can also be shown in a tabular form as shown later in this chapter. There are two methods by which the funds from partners (capital accounts of partners) can be maintained. These are: (i) Fluctuating Capital Method; and (ii) Fixed Capital Method. i.

Fluctuating Capital Method;

Under the fluctuating capital method, only one account viz., the capital account for each partner, is maintained. It records all items affecting partner's account like interest on capital, drawings, interest on drawings, salary, commission, and share of profit or loss in the capital account itself. As a result of these, the balance in the capital account keeps on fluctuating. The items that usually appear on the debit and the credit side of the Partners' capital account are shown in following “Capital Account”

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

Partners' Capital Account (fluctuating capital method) Dr.

Cr. Partner A Amount ($)

Partner B Amount ($)

Drawings (if any) Interest on drawings Transfer to Loan (if any)

***

***

***

***

***

***

Share of loss

***

Date

Particulars

Folio

Withdrawal of capital (if any)

Balance c/f

Partner A Amount ($)

Partner B Amount ($)

Balance b/f Additional capital (if any)

***

***

***

***

***

***

***

Interest on capital Salary of partner (if any)

***

***

***

Commission / Bonus received by partner (if any)

***

***

***

***

***

***

Share of profit Any other amount owing to partner

***

***

***

***

***

***

***

***

***

Date

Particulars

Balance b/f

ii.

Folio

Fixed Capital Method;

Under the fixed capital method, the capitals of the partners shall remain fixed unless some additional capital is introduced or some amount of capital is withdrawn by an agreement among the partners. Therefore, all items like interest on capital, drawings, interest on drawings, salary of partner, commission received by partner, and share of profit or loss are not to be shown in the capital accounts. For all these transactions, a separate account called 'Partner's Current Account' is opened. Thus, under fixed capital method, two accounts are maintained for each partner viz., (i) Capital Account, and (ii) Current Account. It may be noted that the capital account will continue to show the same balance from year to year unless some amount of capital is introduced or withdrawn into business, while the balance of current account will fluctuate from year to year. In other words, fluctuations in capital (except additional and withdrawn capital) will be recorded in current account instead of capital account. Under the fixed capital account method, the capital account and the current account would appear as shown below:

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

Partners' Current Account (under fixed capital method) Dr.

Date

Cr.

Particulars Balance b/f (if it's Dr.) * Drawings Interest on drawings

Folio

Partner A Amount ($)

Partner B Amount ($)

***

***

***

***

***

***

Interest on capital Salary of partner (if any)

Date

Particulars

Folio

Partner A Amount ($)

Partner B Amount ($)

***

***

***

***

***

***

Balance b/f (if it's Cr.) *

Transfer to Loan (if any)

***

***

Commission / Bonus received by partner (if any)

***

***

Share of loss

***

***

Share of profit

***

***

***

***

***

***

Any other amount owing to partner (if any) Balance c/f *

***

***

***

***

***

***

***

***

***

***

Balance c/f *

Balance b/f

Balance b/f

* NOTE: In Partners' Current Account, opening balance (balance b/f) and closing balance (balance c/f) may appear on either side, i.e. debit or credit.

Fixed capital accounts preferred: The keeping of fixed capital accounts plus current accounts is considered preferable to fluctuating capital accounts. When partners are taking out greater amounts than the share of the profits that they are entitled to, this is shown up by a debit balance on the current account and so acts as a warning.

10. Calculation of Interest on Capital If the partnership agreement specifically provides for the payment of the interest on the capital contributed by the partners, then same is to mention. Interest to be allowed on capital is to be calculated with respect to the time, rate and amount. Generally, following points are to be borne in mind while calculating the interest on capital: 1. Normally, interest on the opening balance at the beginning of the year is allowed for the whole accounting year. 2. If additional capital is invested during the year, interest for the relevant period is calculated. 3. If part of the capital is withdrawn during the year, interest on the part of the capital that was invested for the whole year, interest is calculated for the whole year and it is added with the amount of interest that is calculated on the remaining capital that was invested 10

Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

for the relevant period. For example, Aslam has $100,000 as balance in his capital account at the beginning of the year. After three months of the year he withdrew $10,000 from his capital. He is entitled for interest on capital @ 10% p.a. In this case, interest will be calculated in the following manner: ($ 100,000 x 10% x 3/12= $2,500) + (90,000 x 10% x 9/12=$ 6750) = $ 9250

11. Calculation of Interest on Drawings: For meeting personal needs, partners may require to draw money from the firm in varying amounts. They can make drawings against their salaries, commission and interest on capital. To deter the partners from taking out cash unnecessarily the concept can be used of charging the partners interest on each withdrawal, calculated from the date of withdrawal to the end of the financial year. Interest on drawings is to be charged from the partners, if the same has been specifically provided in the partnership deed. Interest on drawings is to be calculated with reference to the time period for which the money was withdrawn. For example, Aslam and Bashar are agreed to form a partnership whose financial year ends on 31st December each year. interest of drawings will be at 10% per annum. Aslam took $ 10,000 on 31st March, 2015 and $ 15,000 on 30th September, 2015. On the other side Bashar took $ 18,000 on 30th April, 2015 and $ 7,000 on 31st October, 2015. Aslam: Interest on drawings= $ 1125 (sum of $750 and $ 375) ($10,000 x 10% x 9/12= $ 750) + ($15,000 x 10% x 3/12= $ 375) Bashar: Interest on drawings= $ 1317 (sum of $1200 and $ 117) ($ 18,000 x 10% x 8/12= $ 1,200) + ($ 7,000 x 10% x 2/12= $ 117)

12. Loans by partners In addition, it is sometimes the case that an existing or previous partner will make a loan to the partnership in which case he becomes a creditor of the partnership. On the statement of financial position, such a loan is not included as partners' funds, but is shown separately as a long-term liability (unless repayable within twelve months in which case it is a current liability). This is the case whether or not the loan creditor is also an existing partner. However, interest on such loans will be credited to the partner's current account. This is administratively more convenient, especially when the partner does not particularly want to be paid the loan interest in cash immediately it becomes due. You should remember the following. (a)

(b)

Interest on loans from a partner is accounted for as an expense in the income statement, and not as an appropriation of profit, even though the interest is added to the current account of the partners. If there is no interest rate specified, then Partnership Act 1890 provides for interest to be paid at 5% p.a. on loans by partners.

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

13. Performance-related payments to partners Partners may agree that commission, salaries or performance-related remuneration be payable to some or all the partners linked to their individual performance. As with salaries, these would be deducted before sharing the balance of profits. In absence of any specific agreement this amount cannot be claimed.

14. Distribution of Profit and loss: In case of partnership firm, the net profit (after charging the interest on capital, partners' salary and commission and after taking into account the interest on drawings) is to be shared by all the partners in the agreed profit sharing ratio. As stated earlier, in the absence of any specific agreement to this effect, the profit is to be distributed equally among the various partners. Summary of Journal Entries: Profit for year Partners’ salaries Interest on capital Interest on drawings Residual profit

Interest on loan from partner Loan made by Partner

Debit Income statement Credit Appropriation account Debit Appropriation account Credit Partners’ Current Accounts Debit Appropriation account Credit Partners’ current accounts Debit Partners’ current accounts Credit Appropriation account if profit is greater than total of appropriations: Debit Appropriation account Credit Partners’ current accounts if total of appropriations is greater than profit for year: Debit Partners’ current accounts Credit Appropriation account Debit Income statement Credit Bank account* or Accrued expenses** † Bank account or Debit ‡ Capital account Credit Loan account

* if the interest has been paid to the partner ** if the interest remains unpaid † if funds were deposited in the partnership bank account ‡

if capital was converted into a loan

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

Example 01: (Calculation and formation of Profit and Loss Appropriation account) Aslam and Bashar are agreed to form a partnership. They have drawn up a deed (agreement) which states that: Aslam and Bashar is to contribute $100,000 and $150,000 respectively as their capital Both will jointly manage the day to day business matters Neither of the partners is permitted to withdraw more than $25,000 per annum as drawings Aslam and Bashar will share profits and losses in the ratio 4:3 respectively. Interest on capital and interest of drawings will be at 10% per annum. Aslam is entitled to take salary from business for $ 10,000 per annum.

     

During the year ended 31 December, 2015, the partnership made a profit of $ 50,000. Moreover, each partner’s drawings were: st

Aslam took $ 10,000 on 31 March, 2015 and $ 15,000 on 30th September, 2015. Bashar took $ 18,000 on 30th April, 2015 and $ 7,000 on 31st October, 2015.

 

Solution of Example 01: Partnership Aslam and Bashar Profit and Loss Appropriation Account for the year ended 31st December, 2015.

Particulars Net profit/loss (carried down from income statement) Add Interest on drawings Aslam (W-1) Bashar (W-2) Less Interest on capital

Aslam (W-3) Bashar (W-4)

Amount $

Amount $ Amount $ 50,000

1125 1317 10,000 15,000

2442 52,442 25,000

Less Partner’s salary Aslam

10,000 Aslam ( x17442)

17,442 9967

Profit/loss shares (appropriated) Bashar( x17442)

W-1:

7475 ($10,000 x 10% x 9/12= $ 750) + ($15,000 x 10% x 3/12= $ 375)

W-2:

($ 18,000 x 10% x 8/12= $ 1,200) + ($ 7,000 x 10% x 2/12= $ 117)

W-3:

($ 100,000 x 10%= $10,000)

W-4:

($ 150,000 x 10%= $15,000)

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(35,000)

17,442

Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

Example 02: (Formation of financial statements) Bush, Home and Wilson share profits and losses in the ratios 4:1:3 respectively. Their trial balance as at 30 April 2014 was as follows:

Dr $ Sales Returns inwards Purchases Carriage inwards Stock 30 April 2013 Discounts allowed Salaries and wages Bad debts Provision for doubtful debts 30 April 2013 General expenses Business rates Postage Computers at cost Office equipment at cost Provisions for depreciation at 30 April 2013: Computers Office equipment Creditors Debtors Cash at bank Drawings: Bush Home Wilson Current accounts: Bush Home Wilson Capital accounts: Bush Home Wilson

Cr $ 334,618

10,200 196,239 3,100 68,127 190 54,117 1,620 950 1,017 2,900 845 8,400 5,700 3,600 2,900 36,480 51,320 5,214 39,000 16,000 28,000 5,940 2,117

494,106

9,618 60,000 10,000 30,000 494,106

Additional Information: Inventory (stock) 30 April 2014, $74,223. 1) 2) 3) 4) 5) 6)

Business rates in advance $200; Stock of postage stamps $68. Increase provision for doubtful debts to $1,400. Salaries: Home $18,000; Wilson $14,000. Not yet recorded. Interest on Drawings: Bush $300; Home $200; Wilson $240. Interest on Capitals at 8 per cent. Depreciate Computers $2,800; Office equipment $1,100.

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

Solution of Example 02: Bush, Home and Wilson Income Statement for the year ending 30 April 2014 Sales Less Returns inwards

$

$

Less Cost of goods sold: Opening inventory Add Purchases Carriage inwards

68,127 196,239 3,100

Less Closing inventory Gross profit Less Expenses: Salaries and wages Discounts allowed Business rates (2,900 − 200) Postages (845 – 68) Bad debts Allowance for doubtful debts General expenses Depreciation: Computers Office equipment Net profit Add Interest on drawings: Bush Home Wilson

2,800 1,100

3,900 300 200 240

18,000 14,000 4,800 800 2,400 1

Balance of profit shared: Bush /2 1 Home /8 3 Wilson /8

Non-current assets Office equipment Computers Current assets Inventory Accounts receivable Less Allowance for doubtful debts Prepayments (200  68) Bank

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199,339 267,466 74,223

193,243 131,175

54,117 190 2,700 777 1,620 450 1,017

Less Salaries: Home Wilson Interest on capital: Bush Home Wilson

Current liabilities Accounts payable

$

334,618 10,200 324,418

64,771 66,404 740 67,144

32,000 8,000 13,572 3,393 10,179

40,000 27,144 27,144 –

Bush, Home and Wilson Statement of Financial Position as at 30 April 2014 Cost Depreciation Net Book $ $ Value $ 5,700 4,000 1,700 8,400 6,400 2,000 14,100 10,400 3,700 74,223 51,320 1,400

49,920 268 5,214

129,625 133,325 36,480 96,845

Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]

Accounting 9706 A level Notes

Financial Statements of Partnership

Financed by: Capital: Bush Home Wilson Current accounts: * Balances 1.5.2003 Add Salaries Interest on capital Share of profit Less Drawings Interest on drawings

60,000 10,000 30,000 Bush 5,940 – 4,800 13,572 24,312 (39,000) ( 300) ( 14,988 )

Home (2,117) 18,000 800 3,393 20,076 (16,000) ( 200) 3,876

Wilson 9,618 14,000 2,400 10,179 36,197 (28,000) ( 240) 7,957

100,000

( 3,155) 96,845

*Alternative format of current account that can be placed within statement of financial position. _____________________________

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Compiled by; Mohsen Shafiq , A level Teacher 03156222008| [M.S, MBA Finance, B.Com, Cert. AFA]