COLEGIO DE SAN JUAN DE LETRAN Intramuros, Manila College of business Administration and Accountancy ACCOUNTANCY AREA Syllabus School

Year 2005-2006 I. Course Number : ACCTG 2

II. Course Title : III. Credit :

Introduction to Partnership and Corporation Accounting 3 units Acctg. 1

IV. Prerequisite :

V. Course Description: This is a continuation of the first course in accounting. It deals with transactions, financial statements, and problems peculiar to the operations of partnership and corporations as distinguished from sole proprietorships. Topics include: partnership formation and operations including accounting for the admission of partners, changes in capital, and profit-and loss sharing ratios, the conversion of an unincorporated enterprise into a corporation; accounting for incorporated enterprises, including the preparation of financial statements for internal and external purposes; and sample financial statements of companies in the service, manufacturing and trading industries. VI. Course Rationale: To contribute to the full appreciation of the course, a student should be exposed to the formation, operations, dissolution, and liquidation of partnerships, basic considerations in forming a corporation and stock transactions.

VII. Course Objectives: A. General Objective: At the end of the course the students are expected to have achieved a thorough understanding of the principles, theories, concepts, structures and relationships of a partnership and the corporate form of business enterprise. B. Specific Objectives: Cognitive: Establish a thorough and working understanding of the overall concepts and principles of accounting as applied to the partnership and corporate forms of business organization as well as the provision of partnership laws related to the formation, objections, dissolution and liquidation; knowledge in the accounting of partnership transactions including conversion of sole proprietorship to partnership; provisions of corporate law related to formation, capital structure and operations of a corporate form of organization; knowledge in the accounting of corporate transactions, including conversion of partnership to corporation. Affective: Accept the business and social responsibilities attached to both the partnership and corporate forms of business. Integrate the values of honesty, objectivity, mutual trust and concern. Value the importance of basic accounting principles leading to the construction of financial information for decision-making.

Psychomotor: Perform the necessary steps in the preparation of financial statements of the partnership and corporate forms of business whether engaged in trading or manufacturing operations.

Specific Objectives

Subject Matter

Values

Strategies/ Instructio Evalua Tim Teaching nal e Methodologi Material Fra es me

Expected Output

Review the basic principles and concepts learned in accounting 1.

1.Review of accounting Sense of cycle appreciatio a. Recording of n business transaction in the journal. b. Posting to the general ledger c. Preparation of trial balance d. Preparation of 10 column worksheet e. Preparation of adjusting entries

-Question and Answer -Discussions -Problem Solving

-Review Review 1st Reviewed Illustrative tests, week the basic . Quizzes - 2nd principles week and Demonstra concepts tion learned in problem accounting -Book 1. -Exercises

f. Preparation of financial statements 1.Multiple step income statement 2. Statement of changes in owners equity. 3.Classified balance sheet g. preparations of closing and reversing entries.

Specific Objectives

Subject Matter

Values

Strategies/Teac Instruction Evaluati Time Expected hing al Material Fram Output

Methodologies Define partnership 2.Partnership basic clearly. concepts & formation Enumerate the a. Partnership features of a defined partnership. b. Features of partnership Cite the c. Elements of a advantages and partnership. disadvantages of a d. Kinds of partnership as [partnership compared to sole e. Kinds of partners proprietorship and f. Partners role corporation. g. Advantages and disadvantages of Explain the partnership accounting h. Articles of a principles in partnership partnership i. Rights of partners formation. j. Partners capital and drawing accounts k. Loan Payable and Journalize Loan Receivable transactions accounts Sense of appreciati on . Objectivit y and Fairness. Lecture, Discussion -Question and answer -LectureDemonstration --Problem Solving -Illustrative/ Demonstrati on Problem -Sample of articles of a coPartnership -Book -Exercise -Case Problem -Practice Set

e Tests, 3rd-4th Quizzes, week long examinat ion Defined partnership clearly. Enumerate the features of a partnership. Cited the advantages and disadvantage s of a partnership as compared to sole proprietorshi p and corporation. Explained the accounting principles in

related partnership formation.

to

l. Opening the books of the partnership m.Forms of investment.

partnership formation. Journalized transactions related to partnership formation.

Specific Objectives

Subject Matter

Values

Strategies/Teac Instruction Evaluati Time Expected I hing al Material Fram Output n Methodologies e t e g r a t e d

Determine the net 3. Partnership income or net loss operation and division of partnership of profit and losses business. a. Income statement. Prepare income b. Closing entries statement of a c. Worksheet service or d. Methods of merchandising dividing profits partnership. and losses e. Factors for an Apply the different equitable method ways of distributing of distribution. net profit or net f. Statement of loss. changes in partners equity. Enumerate the different causes of 4. Changes in partners dissolution. equity Revise the partners a. Dissolution equity after defined dissolution b. Causes of Apply the dissolution accounting c. Accounting principles with procedures to

Accuracy Appreciation Honesty and fairness

-Lecture, discussion -Question and answer -Lecturedemonstration -Problem solving -Research

-Illustrative/ Demonstrati on Problem --Exercise -Practice Set

Tests, 5th-7th Quizzes, week long examinat ion

Determine d the net income or net loss of partnershi p business. Prepared income statement of a service or merchandi sing partnershi p. Applied the different ways of distributin g net profit or net loss.

Values of fairness and integrity -Lecture, discussion -Question and answer -Lecturedemonstration -Problem solving -Group

-Illustrative/ Demonstrati on Problem --Exercise -Practice Set -cases

Tests, Quizzes, long examinat ion

8th-9th week

regards to goodwill and bonus recognition. Journalize the transaction related to dissolution.

d. e. f. g. h. i.

dissolution Admission by punches Admission by Investment Withdrawal of a partner Death of a partner Incorporation of a partnership Recognition of goodwill, bonus and asset revaluation.

discussion

Specific Objectives

Subject Matter

Values

Strategies/Teach Instruction Evaluati Time Expected I ing al Material Fram Output

n t e g r a t e d

Methodologies

COMMUNITY SERVICE INTEGRATION Nature, formation and Organizing Provide the organization of skills students with the partnership. Obedience basic operational and knowledge of compliance partnership to accounting that government they may apply to rules adopted community. MID-TERM EXAMINATIO N Differentiate dissolution from liquidation. Apply the legal provisions for partnership liquidation; apply accounting procedures for lump-sum 5. Partnership Liquidation (general Partnership) a. Liquidation defined b. Distinction between dissolution and liquidation c. Liquidation by Lump-sum Values of fairness and integrity LectureIllustration, Quizzes discussion Exercises Seat Project study in Problemworks partnership solving organization Provided the students with the basic operational knowledge of partnership accounting that they may apply to adopted community. Differentiat ed dissolution from liquidation. Applied the legal provisions for partnership

-Lecture, discussion -Question and answer -Lecturedemonstration -Problem solving

-Illustrative/ Demonstrati on Problem --Exercise -Practice Set -Cases

Tests, Quizzes, long examinat ion

10th week

liquidation. Prepare the statement of liquidation Record the transactions involved in lumpsum liquidation.

method d. Statement of partnership Liquidation. e. Entries in liquidation. f. Cash distribution by lump-sum method 1. Partners with loan account 2. Deficient partners in solvent 3. Exercise of the right of offset

liquidation; apply accounting procedures for lumpsum liquidation. Prepared the statement of liquidation Recorded the transactions involved in lump-sum liquidation.

Specific Objectives

Subject Matter

Values

Strategies/Teach Instruction Evaluati Time ing al Material Fram Methodologies e

Expected Output

Define 6.Accounting for corporation. Corporate formation and Discuss the Operation. attributes of a a. Formation of corporation corporation. Explain the Definition incorporation 1. Characteristi requirements. cs. List down the 2. Types of different kinds of corporation corporation. 3. Distinction Describe the kinds between of Capital Stock. partnership Examine the and different corporation. components of b. Accounting for stockholders formation and equity operation. Journalize capital 1. Recording of stock transaction. preferred and (using two common methods) stock (par, Journalize non-par, dividends, stated value) treasures stocks & transactions retained earnings. under

Adherence to legal provisions

-Lecture, discussion -Question and answer Faithfulness -Lecturedemonstration Values of -Problem solving fairness, honesty and integrity Care and Accuracy

-Illustrative/ Demonstrati on Problem --Exercise -Practice Set -Cases

Tests, 11 Quizzes, 14th long week examinat ion

th

Defined corporation. Discussed the attributes of a corporation Explained the incorporatio n requirement s. Listed down the different kinds of corporation. Described the kinds of Capital Stock. Examined the different components of stockholder s equity

Compute EPS and BVS.

memorandu m & journal entry methods. 2. Incorporation of sole proprietorshi p and/or partnership.

Journalized capital stock transaction. (using two methods) Journalize dividends, treasures stocks & retained earnings. Compute EPS and BVS

Specific Objectives

Subject Matter

Values

Strategies/Teach Instruction Evaluati Time ing al Material Fram

Expected Output

Methodologies

Discuss the nature 7. non-cost Values of of manufacturing manufacturing system. attentivenes business. a. Introduction of s and care Differentiate the elements of manufacturing from manufacturing merchandising costs business -Direct materials -Direct loan. . -Manufacturing Journalize expenses. manufacturing b. Preparation of transactions. statement of cost Prepare statement of goods of cost of goods manufactured and manufactured and income sold. statement. Value of carefulness and patience 8. Voucher system Define what the a. Characteristics of voucher system is the voucher Examine critically system.

DemonstrationLectures, question and browser

-Illustrative/ Tests, Demonstrati Quizzes on Problem --Exercise -Cases

15th16th week

Lecturediscussion Lecture demonstration Problem-solving Question and

-Illustrative/ Tests, Demonstrati Quizzes on Problem --Exercise -Cases

17th week

Discussed the nature of manufacturi ng business. Differentiat ed manufacturi ng from merchandisi ng business Journalized manufacturi ng transactions . Prepared statement of cost of goods manufactur ed and sold. Defined what the voucher

the features of the system. Explain the basic concepts of the system. Prepare journal entries using the different books of accounts.

b. Books of accounts used c. Accounting entries made.

answer.

system is Examined critically the features of the system. Explained the basic concepts of the system. Prepared journal entries using the different books of accounts

Specific Objectives

Subject Matter

Values

Strategies/Teach Instruction Evaluatio Time ing al Material Fram Methodologies e

Expected Output

Correlate the inter 9.Simple relationships of reconstruction of different accounts accounts. Analyze the entries a. Determination of made. net income or Compute for loss through missing items and reconstruction of. amounts. 1. Sales 2. Purchase 3. Expenses 4. Other income 5. Capital

Values of accuracy, care and patience

Lecturediscussion Lecture demonstration Question and answer.

Demonstrati Quizzes on and tests problems Exercises

18th week

Correlated the inter relationshi ps of different accounts Analyzed the entries made Compute for missing items and

COMMUNITY SERVICE INTEGRATION Provide the students with the basic skills in cooperatives and corporation accounting that they may apply in the adopted community.

accounts b. Reconstruction of accounts from trial balance. Organizatio n skills Compliance to government rules Illustration Exercises Problemsolving Quizzes Seatwork Examinati on

amounts.

Nature, formation and organization of corporation as well as cooperatives.

Lecturediscussion Project study on how to organize a corporation and/or cooperative.

FINAL EXAMINATION

Provided the students with the basic skills in cooperativ es and corporatio n accountin g that they may apply in the adopted communit y.

VIII.

Grading System MIDTERMS FINALS CLASS STANDING 30% CLASS STANDING 30% QUIZZES 30% QUIZZES 30% MIDTERM EXAM 40% FINAL EXAM 40% MIDTERM GRADE FINAL GRADE MIDTERM 50% + PRE-FINAL GRADE 50% = 100% 100% PRE-FINAL GRADE 100%

IX.

Course Policies:
Policies on attendance, tardiness and academic dishonesty are found in the Student Handbook.

In case of missed examination and assignments, the student is given the chance to make-up within a week from the day he/she reported, otherwise, it will be equivalent to 50%.
Students have to pass an Examination covering Acctg. 1 and 2. X. Textbook: Baysa and Lupisan, Accounting for Partnership and Corporation, 2005 edition

XI.

References: Manuel, Zenaida,, Accounting for Partnership and Corporation, 2004 Edition Ballada, Win Lu, Partnership and Corporation Accounting (Made Easy), 2004 edition