Partnerships & Personal Financial Statements

Formation
- Bonus Method
  New Partnership Capital(a/c) = Old partners' Capital(a/c) + New partner's contribution(FMV)
- Goodwill Method
  New Partnership Capital(a/c) = Old partners' Capital(a/c) + New partner's contribution(FMV) + Goodwill
  1. New partner's contribution > New partner's interest
```
				[Dr]Cash	##,###
				[Dr]Goodwill	##,###
						[Cr]A Capital	##,###
						[Cr]B Capital	##,###
						[Cr]C Capital	##,###
				
```
  2. New partner's contribution < New partner's interest
```
				[Dr]Cash	##,###
				[Dr]Goodwill	##,###
						[Cr]C Capital	##,###
				
```
Division of Profits & Losses
Admission of New Partner
1. New contributed assets / New total assets = New partner's Capital / New total Capital
2. New contributed assets / New total assets < New partner's Capital / New total Capital
```
			[Dr]Cash	##,###
			[Dr]A Capital	##,###
			[Dr]B Capital	##,###
					[Cr]C Capital	##,###
			
```
3. New contributed assets / New total assets > New partner's Capital / New total Capital
```
			[Dr]Cash	##,###
					[Cr]A Capital	##,###
					[Cr]B Capital	##,###
					[Cr]C Capital	##,###
			
```
Withdrawal of Partner
Liquidation
Personal Financial Statements
1. Statement of financial condition
  
  Statement of financial condition
  As of Decenber 31,2000
  
  Assets Liabilities
  Income tax payable
  Estimated taxes
  Net worth
2. Statement of changes in net worth
  option
1. Assets
  - FMV
  - NRV
  - Discounted Cash Flow
  - Appraisal value
2. Liabilities
  - Discounted amount or Present value oof ffuture payments
  - Current cash settlement amount

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Statement of financial condition As of Decenber 31,2000
Assets	Liabilities Income tax payable Estimated taxes Net worth