Lecture Notes for Horngren's Accounting, Volume 2, Eleventh Canadian Edition

Name: Lecture Notes for Horngren's Accounting, Volume 2, Eleventh Canadian Edition
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Lecture Notes for Horngren's Accounting, Volume 2, Eleventh Canadian Edition summarizes important topics for quick revision.

Mia Johnson

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i
INSTRUCTOR’S RESOURCE
MANUAL
Prepared by
Grant Mowbray
Langara College
Horngren’s Accounting
Volume 2 Eleventh Canadian Edition
Tracie L. Miller-Nobles
Austin Community College
Brenda Mattison
Tri-County Technical College
Ella Mae Matsumura
University of Wisconsin – Madison
Carol A Meissner
Georgian College
Jo-Ann L. Johnston
British Columbia Institute of Technology
Peter R. Norwood
Langara College

iii
Introduction to the Instructor’s Resource Manual
Welcome to the Instructor’s Resource Manual for Volume 1 of Miller-Nobles, Mattison,
Matsumura, Meissner, Johnston, and Norwood, Accounting, Eleventh Canadian Edition. For
each chapter, this supplement contains:
1) A Chapter Overview, with references to the TRY IT! feature, MyLab Accounting, and the
Assignment Grid.
2) A grid connecting the Learning Objectives and Key Questions.
3) Suggested priority of chapter topics, with “must cover,” “recommended,” and “if time
permits” chapter-topic suggestions.
4) A Chapter Outline, which includes, for each Learning Objective:
• Discussion of each topic
• Teaching Tips (Examples, discussion questions, suggested topic emphasis, etc.)
5) An Assignment Grid for each chapter’s questions, indicating the:
• Subject matter
• Learning Objective(s)
• Suggested completion time
• Level of difficulty
• Availability of an Excel Spreadsheet Template in MyLab Accounting
• Suggested Pre- and Post-Test questions for student practice
6) A 10-Minute Quiz that can be copied and distributed to students.
7) An Answer Key to the chapter’s 10-Minute Quiz.

1
CHAPTER 12
Partnerships
Chapter Overview
This chapter introduces the student to partnership accounting. The characteristics of the partnership—the
partnership agreement, its limited life, mutual agency, unlimited liability, co-ownership of property, no
partnership income taxes, and partners’ equity accounts are explained. Partnership financial statements
are illustrated. General partnerships, limited partnerships, and limited liability partnerships are defined.
The chapter then describes how to account for the organization of a partnership and how to divide
partnership profits and losses. The partnership agreement should specify the method to be used; however,
the text describes four methods that could be used. These methods are: sharing based on a stated fraction,
sharing based on capital investments, sharing based on capital investments and service, and sharing based
on “salaries” and interest. Partners’ withdrawals are discussed and illustrated.
The next section covers admission of a new partner to the partnership and the withdrawal of a partner
from the business. The text illustrates how the new partner can buy an existing partner’s interest or invest
additional capital in the partnership. In the latter case, the new partner may either receive a bonus from
the existing partners or have to pay a bonus to the existing partners. The chapter then discusses
withdrawal of a partner at the book value of the partner’s capital balance, at less than the book value of
the partner’s capital balance, and at more than the book value of the partner’s capital balance. The effect
of the death of a partner upon the business is discussed. Liquidation of a partnership is then explained.
The text provides a three-step process for liquidating a partnership. Illustrations show assets sold at a gain
and at a loss.
Try It! questions appear at the end of each Learning Objective for students to test their understanding of
the Learning Objective just completed. The answers appear at the end of the chapter and on MyLab.
Students should be directed to MyLab for extra practice. Also included on MyLab are Excel templates
for Exercises 12-5 and 12-18, Problems 12-2A and 12-2B.
The Assignment Grid recommends “Pre-Test” problems in MyLab that can be assigned before a test or
exam to ensure students understand the topics, as well as “Post-Test” problems that students can complete
after a test or exam to check understanding before moving on.

2
Connecting Learning Objectives & Key Questions
Learning Objective Key Question
1 Identify the characteristics of a partnership What are the characteristics of a partnership?
2 Account for partners’ initial investments in a
partnership
How do we account for partners’ investments in a
partnership?
3 Allocate profits and losses to the partners by
different methods
How can we allocate profits and losses to the
partners?
4 Account for the admission of a new partner How do we account for a new partner?
5 Account for the withdrawal of a partner How do we account for the withdrawal of a
partner?
6 Account for the liquidation of a partnership How do we account for the ending of a
partnership?
Suggested Priority of Chapter Topics
Must cover
• Characteristics of a partnership
• Partnership financial statements
• Forming a partnership
• Sharing partnership profits and losses
• Partnership withdrawals (drawings)
• Admission of a partner
• Withdrawal of a partner from the business
• Liquidation of a partnership
Recommended
• Advantages and disadvantages of partnerships
• Types of partnerships

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