基础会计(英文版)(第二版)Chapter10 Accounts for Partnership and Distribution of Net Income[精]
基础会计(英文版)(第二版)Chapter10 Accounts for Partnership a
Sales Cost of Goods Sold Inventory, Jan.1 Purchases Cost of goods available for sale Less: Inventory, Dec. 31 Cost of Goods Sold Gross Profit on Sales Operating expenses:
Partnership Accounting
Closing the Accounts of a Partnership at Year-end
By the end of the first year operation, Guangyi Company had earned a net income of 600 000 yuan, which was divided equally by the two partners:
Gunagli, Captial
180 000
Guanghai, Capital
200 000
Guangli, Drawing
180 000
Guanghai, Drawing
200 000
To transfer debit balances in partners’ drawing accounts to their
Chapter 10
Accounts for Partnership and Distribution of Net Income
Accounts for Partnership
Partnership: a convenient, inexpensive means of combining the capital and the special abilities of two or two partners.
基础会计（双语）教案
课 程 教 案2014——2015学年第二学期2014课程名称：会计英语课程性质：必修课授课班级：涉外会计授课教师：杨舒教师所属系（部）：商贸系总 学 时：40周 学 时：2Part1 Basic of accounting教学方法：讲授法、实例法教学方法：讲授法、实例法教学目的：教学目的：u 掌握资产、负债和所有者权益的会计含义掌握资产、负债和所有者权益的会计含义u 掌握复式记账、货币计量、会计实体、持续经营以及资产计量原则掌握复式记账、货币计量、会计实体、持续经营以及资产计量原则 u 熟悉资产负债表的特征熟悉资产负债表的特征u 了解资产负债表的主要科目了解资产负债表的主要科目重点和难点：重点和难点：重点：重点：1.Four basic financial statements2. Six elements of accounting3.Concepts that govern all accounting难点：难点：1.Concepts that govern all accounting学时分配：4课时课时讲课4课时课时参考书目：参考书目：1、 《基础会计》《基础会计》20062006年7月第2版 金跃武主编金跃武主编高等教育出版社高等教育出版社2、 《企业会计准则》（财政部文件）《企业会计准则》（财政部文件）20062006年 中国财政经济出版社中国财政经济出版社3、 《基础会计与实务》《基础会计与实务》20052005年7月第2版 李惠芝主编李惠芝主编清华大学出版社清华大学出版社4、 《基础会计》《基础会计》 20052005年7月第2版 薛洪岩主编薛洪岩主编薛洪岩主编立信会计出版社立信会计出版社立信会计出版社5、 《初级会计实务》（全国会计专业技术资格考试用书） 2004年9月第1版 中 国财政经济出版社国财政经济出版社Part 1 Basic of accounting1. What is accounting and its role in BusinessAccounting branches2. Financial statementsn Balance sheetn Income statementn Statement of cash flowsn Statement of changes in equityAssets n Assets are valuable resources owned by the entity.n Liabilities and equity show the sources of assets. Liabilitiesn Liabilities are the entity’s obligations to outside parties who have furnished resources. n Creditors Creditors——who have a claim against the assets in the amount shown as the liabilities. Equityn Paid-in capital: provided by equity investorsn Retained earnings: generated from profitsn Equity investors have only a residual claim.3. Concepts that govern all accounting (会计核算的基本概念)(1) The dual-aspect concept复式记帐概念复式记帐概念The fundamental accounting equation:Assets = Liabilities + Equity 复式记帐特点复式记帐特点ü 在两个或两个以上相互联系的账户中记录一项经济业务，在两个或两个以上相互联系的账户中记录一项经济业务，以反映资金运动的来龙去脉。
大学会计英语教材
大学会计英语教材Chapter 1: Introduction to Accounting1.1 Overview of Accounting1.2 The Role of Accounting in Business1.3 Accounting Principles and Concepts Chapter 2: Financial Statements and Reporting2.1 Balance Sheet2.1.1 Assets2.1.2 Liabilities2.1.3 Equity2.2 Income Statement2.2.1 Revenue2.2.2 Expenses2.2.3 Net Income2.3 Statement of Cash Flows2.3.1 Operating Activities2.3.2 Investing Activities2.3.3 Financing Activities2.4 Statement of Changes in EquityChapter 3: Analyzing Financial Statements3.1 Ratio Analysis3.1.1 Liquidity Ratios3.1.2 Solvency Ratios3.1.3 Profitability Ratios3.2 Common-Size Analysis3.3 Trend Analysis3.4 DuPont AnalysisChapter 4: Revenue Recognition and Measurement 4.1 Recognition Criteria4.2 Measurement Techniques4.2.1 Sales Revenue4.2.2 Service Revenue4.2.3 Interest Revenue4.3 Revenue Recognition for Specific Industries Chapter 5: Expense Recognition and Measurement5.1 Depreciation and Amortization5.2 Inventory Valuation Methods5.2.1 FIFO5.2.2 LIFO5.2.3 Weighted Average Cost5.3 Impairment of Assets5.4 Leases and Rent Expenses Chapter 6: Accounting for Assets6.1 Cash and Cash Equivalents6.2 Accounts Receivable6.3 Inventory6.4 Property, Plant, and Equipment 6.4.1 Acquisition and Disposal6.4.2 Depreciation and Impairment 6.5 Intangible Assets6.6 InvestmentsChapter 7: Accounting for Liabilities 7.1 Current Liabilities7.2 Long-Term Debt7.3 Contingent Liabilities7.4 Leases and Rent Payable Chapter 8: Accounting for Equity8.1 Share Capital8.2 Retained Earnings8.3 Treasury Stock8.4 Dividends8.5 Other Comprehensive IncomeChapter 9: Financial Statement Analysis and Interpretation9.1 Horizontal Analysis9.2 Vertical Analysis9.3 Ratio Analysis9.4 Common-Size Analysis9.5 Trend Analysis9.6 Limitations of Financial Statement AnalysisChapter 10: International Financial Reporting Standards (IFRS) and Generally Accepted Accounting Principles (GAAP)10.1 History and Development of IFRS10.2 Key Principles of IFRS10.3 Comparison with GAAPConclusion:In conclusion, the study of accounting is crucial for students in the field of finance and business. This accounting textbook provides a comprehensiveguide to understanding the principles, concepts, and practices of accounting. Through the mastery of these topics, students will be well-equipped to analyze financial statements, recognize and measure revenues and expenses, account for various assets and liabilities, and conduct financial statement analysis. With the knowledge gained from this textbook, students will be able to navigate the complex world of accounting with confidence and proficiency.。
基础会计(英文版)(第二版)Supplement3 Applications of Present Value
Accounting Applications of the Present Value Concept
Estimating the Value of Goodwill
Good will is an intangible asset of a business. It may be defined as the present value of expected future earnings in excess of the normal return on net identifiable assets. One method of estimating goodwill is to estimate the annual amounts by which earnings are expected to exceed a normal return and then to discount these amounts to their present value.
The Concept of Present Value
Set the future value as 1 yuan. The present value of 1 yuan is : p = 1/ (1+ i )n
Table of present values
The Concept of Present Value
66 634
28 599 95 233
Accounting Applications of the Present Value Concept
Capital Lease
A capital lease is regarded as a sale of the leased asset by the lessor to the lessee.
CHAPTER10 《会计英语》
Unit 1 An Overview of Auditing
➢ TYPES OF AUDITS. ➢Operational Audits. ➢An operational audit is a review of any part of an organization's operating procedures and methods for the purpose of evaluating efficiency and effectiveness.
Unit 2 Audit Process
➢ AUDIT OBJECTIVES.
➢There are eight audit objectives:
(1)vali dity,
(2)com (hp6eal)enቤተ መጻሕፍቲ ባይዱmtsiece,nac
(3)own e(7r)schlaips,
(4)valu ation,
Unit 1 An Overview of Auditing
➢DEFINITION OF AUDITING.
Quantifiable Information and Established Criteria. Economic Entity.
Accumulating and Evaluating Evidence. Competent, Independent Person. Reporting.
Special Terms
3. recommendations to management 管理建议书,指审计人员在完成审计 后,就企业内部控制等方面存在的缺陷以书面形式向被审计单位管理当局所提交 的报告。如果提供的是经营审计服务,管理建议书是必不可少的,即使是财务报 表审计,注册会计师一般也要向管理当局提交一份管理建议书。
基础会计学英文版参考资料
Cash Basis
Revenues are recognized when earned and expenses are recognized when incurred.
Revenues are recognized when cash is received and expenses are recorded when cash is paid.
4/8/2020
11
3 - 12
P1
Prepaid (Deferred) Expenses
Resources paid for prior to
receiving the actual benefits.
Here is the check for my 24-month insurance policy.
Summary of Expenses
Rent Gasoline Advertising Salaries Utilities and . . . .
$1,000 500
2,000 3,000
450 ....
Now that we have recognized the revenue, let's see what expenses
artificial time periods
Revenue-Recognition Principle
Revenue recognized in the accounting period in
which it is earned
Matching Principle
Expenses matched with revenues in the same period when efforts are
基础会计(英文版)(第二版)Chapter09 Financial Statements and Closing Entries for a Merchandising Sole
during a fiscal year.
Merchandise inventory turnover = Cost of goods sold Average merchandise inventory
Average merchandise inventory =Beginning inventory + Ending inventory 2
- Purchases Discounts
Cost of Goods Sold = 200 000 + (357 000 - 5 700 - 3 300) - 250 000
= 298 000 yuan
3) the operating expenses section
The operating expenses are those regular expenses involved in doing business. They may be subdivided into a number of different categories, such as selling expenses, and general and administrative expenses, etc.
The Classified Income Statement
The classified income statement for Guangli Furniture Store consists of three basic classifications:
1) the revenue from sales section; 2) the cost of goods sold section; 3) the operating expenses section.
基础会计(英文版)(第二版)Chapter10 Accounts for Partnership and Distribution of Net Income
Income Summary Guangli, Capital Guanghai, Capital
800 000 440 000 360 000
To close the income summary account by crediting each partner with agreed ratio upon salary allowance and dividing the remaining profits equally
Partnership Accounting
Additional Investments
After three months of operation, the firm was in need of cash for future operation. The two partners of the firm decided to increase their respective investments to 1 000 000 yuan. Cash Gunagli, Captial Guanghai, Capital To record additional investment 330 000 280for Partnership and Distribution of Net Income
Accounts for Partnership
Partnership: a convenient, inexpensive means of combining the capital and the special abilities of two or two partners. Joint venture: the sharing of an operation’s cost, risk, and management with a partner pr partners from overseas.
财务会计课后习题答案(英文原版)第10单元
BLOOM'S TAXONOMY TABLE
4.
Describe the procedure for revising periodic depreciation.
5.
Distinguish between revenue and capital expenditures, and explain the entries for these expenditures.
Questions 20, 21, 23
Exercises 10
*10. Explain how to account for the exchange of plant assets.
25, 26, 27
14, 15
11, 12, 13
*Note: All asterisked Questions, Exercises, and Problems relate to material contained in the appendix *to the chapter.
Knowledge Q10-1 Q10-2 Q10-3 Q10-5 Q10-6 Q10-7 Q10-22 Q10-8 P10-4A P10-4B BE10-7 E10-5 Q10-9 Q10-24 Q10-11 BE10-8 BE10-9 E10-6 BE10-10 E10-7 BE10-11 P10-7A P10-8B P10-8A E10-8 P10-7B E10-9 BE10-12 Q10-20 P10-5B BE10-13 Q10-21 P10-7B P10-5A E10-10 P10-7A BE10-14 BE10-15 E10-11 E10-12 E10-13 Communication Group Decision Case Exploring the Web Research Case Financial Interpreting Group Decision Reporting Financial Ethics Case Comp. Analysis Comp. Analysis Sts. Global Focus Cookie Chronicle P10-9A P10-9B P10-5A P10-6A P10-5B P10-6B BE10-3 BE10-4 BE10-5 BE10-6 E10-3 P10-2B E10-4 P10-4B P10-2A P10-4A P10-3A P10-3B Q10-4 E10-1 P10-1A P10-1B BE10-1 BE10-2 E10-2 Comprehension Application Analysis Synthesis Evaluation
基础会计(英文版)(第二版)Supplement3 Applications of Present
Year Expected net Present value of = Present value of
cash flow
1 yuan discounted net cash flows
at 10%
1
100 yuan
.909
90.9 yuan
2
100
.826
82.6
3
100
.751
75.1
Total present value of the investment:
Interest revenue (10 621 500 1%)
106 215
Reduction in lease payments receivable
393 785
Accounting Applications of the Present Value Concept
Capital Lease
Accounting Applications of the Present Value Concept
Market Price of Bonds
Present value of future principal payments:
100 000 yuan due after 6 semiannual periods, discounted at 7% per period: 100 000 .66634 (from table of present values)
Capital Lease
Accounting by the lessor (Nanji Co.) :
Leased Payment Receivable (net)
10 621 500
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Cash
100 000
Accounts Receivable
50 000
Inventory
700 000
Other Assets
300 000
Accounts Payable
Income Summary
500 000
Guangli, Capital
152 500
Guanghai, Capital
347 500
To close the income summary account by crediting each partner with interest in invested capital and by dividing the residual loss equally
Allocated in a fixed ratio:
Guangli (50%)
(42 500)
Guanghai (50%)
(42 500)
Total share to each partner
152 500
347 500
Net Income 500 000 yuan
585 000 (85 000)
Chapter 10
Accounts for Partnership and Distribution of Net Income
Accounts for Partnership
Partnership: a convenient, inexpensive means of combining the capital and the special abilities of two or two partners.
200 000
Guangli, Capital
950 000
To record the investment by Guanghai Enterprise in the partnership
of Guangyi Company
Partnership Accounting
Additional Investments
Guanghai (50%)
240 000
Total share to each partner
440 000
360 000
Net Income 800 000 yuan 320 000
480 000
480 000 -0- yuan
Income Summary
800 000
Guangli, Capital
After three months of operation, the firm was in need of cash for future operation. The two partners of the firm decided to increase their respective investments to 1 000 000 yuan.
950 000 50 000
300 000 1 300 000
200 000 1 100 000
Total
1 670 000 330 000 600 000
2 600 000 380 000
2 220 000
Distribution of Net Income of Partnership
Profits earned by partnership compensate the owners for: Personal services rendered to the business Capital invested in the business Entrepreneurial risk
440 000
Guanghai, Capiห้องสมุดไป่ตู้al
360 000
To close the income summary account by crediting each partner with agreed ratio upon salary allowance and dividing the remaining profits equally
Methods of Dividing Partnership Net Income among the Partners
Salaries to Partners, with Remainder in a Fixed Ratio
Division of Net Income
Guangli
Guanghai
85 000 -0- yuan
Methods of Dividing Partnership Net Income among the Partners
Interest Allowances on Partners’ Capital, with Remainder in a Fixed Ratio
180 000
Guanghai, Capital
200 000
Guangli, Drawing
180 000
Guanghai, Drawing
200 000
To transfer debit balances in partners’ drawing accounts to their
respective capital accounts
The journal entries to open the accounts of the partnership (Gunagli’s):
Cash
700 000
Accounts Receivable
100 000
Inventory
90 000
Other Assets
260 000
Accounts Payable
Selling expenses General expenses Net Income Division of net income: To Guangli (50%) To Guanghai (50%)
160 000 880 000 1 040 000
40 000
200 000 100 000
300 000 300 000
Salary allowances + A fixed ratio: Salary allowances to the partners, with remaining net income or loss divided in a fixed ratio
Interest allowances + A fixed ratio: Interest allowances on partners’ capital balances, with remaining net income or loss divided in a fixed ratio Salary allowances + Interest allowances + A fixed ratio: Salary allowances to the partners, interest allowances on partners’ capital balances, and remaining net income or loss divided in a fixed ratio
Methods of Dividing Partnership Net Income among the Partners
Most profit-sharing agreements fall under one of the following types:
A fixed ratio: partners may agree upon any fixed ratio
Cash Gunagli, Captial Guanghai, Capital
To record additional investment
330 000 280 000 950 000
Partnership Accounting
Closing the Accounts of a Partnership at Year-end
Guangli
Guanghai
Net income to be divided
Interest allowances on
beginning Capital:
Guangli (650 000 * 30%)
195 000
Guanghai (1 300 000 * 30%)
390 000
Residual loss after interest allowances
Joint venture: the sharing of an operation’s cost, risk, and management with a partner pr partners from overseas.
Partnership Accounting
Opening the accounts of a New Partnership
Net income to be divided
Salary allowances to Partners
200 000
120 000
Remaining income after salary
allowances
Allocated in a fixed ratio:
Guangli (50%)
240 000
Withdrawals during the year amounted to 180 000 yuan for Guangli and 200 000 yuan for Guanghai. The entry to close the drawing accounts: