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Win Ballada's Approach to Partnership and Corporation Accounting: Features, Benefits, and Reviews


Accounting Made Easy Win Ballada Partnership And Corporation




Are you looking for a way to learn partnership and corporation accounting in a simple and easy way? Do you want to master the basic accounting concepts and procedures prevalent to partnerships and corporations? If yes, then you are in the right place. In this article, we will introduce you to a book that will help you achieve your accounting goals: Accounting Made Easy Win Ballada Partnership And Corporation. This book is written by Win Ballada, a CPA and MBA, and Susan Ballada, a CPA and co-author/editor. It is designed to provide a thorough and efficient introduction to partnership and corporation accounting for students, professionals, and business owners. We will also show you how to use this book effectively, how to apply its concepts in practice, and where to find more resources and tools for learning partnership and corporation accounting. By the end of this article, you will have a clear idea of what partnership and corporation accounting is, why it is important, and how you can learn it with ease.




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What is partnership and corporation accounting?




Before we dive into the book, let's first understand what partnership and corporation accounting is. Partnership and corporation accounting is a branch of accounting that deals with the financial transactions, records, reports, and analysis of business entities that are formed as partnerships or corporations. Partnerships are business entities that are owned by two or more individuals who share the profits and losses of the business. Corporations are business entities that are owned by shareholders who have limited liability for the debts and obligations of the business. Both partnerships and corporations have their own advantages and disadvantages, depending on the nature, size, goals, and legal requirements of the business.


Definition and characteristics of partnership and corporation accounting




According to Accounting Made Easy Win Ballada Partnership And Corporation, partnership accounting is "the process of recording, classifying, summarizing, interpreting, analyzing, reporting financial information pertaining to partnerships". Similarly, corporation accounting is "the process of recording, classifying, summarizing, interpreting, analyzing, reporting financial information pertaining to corporations". Some of the characteristics of partnership and corporation accounting are:


  • They follow the generally accepted accounting principles (GAAP) or the international financial reporting standards (IFRS) for preparing financial statements.



  • They use separate accounts for each partner's capital, drawings, share of profit or loss, etc.



  • They account for different types of partnerships (general, limited, etc.) and corporations (public, private, etc.) based on their legal forms.



  • They account for different transactions related to partnerships (formation, admission or withdrawal of partners, dissolution or liquidation of partnerships) or corporations (issuance or repurchase of shares or bonds, dividends or interest payments, retained earnings or accumulated losses, mergers or acquisitions).



  • They account for different methods of allocating profits or losses among partners (fixed ratio, interest on capital, salary or bonus, residual method) or among shareholders (earnings per share, dividend per share, return on equity).



Benefits and challenges of partnership and corporation accounting




Partnership and corporation accounting has several benefits and challenges for both the business owners and the users of financial information. Some of the benefits are:


  • They provide a clear and accurate picture of the financial performance, position, and changes of the business entity.



  • They help the business owners to make informed decisions about the management, expansion, or termination of the business.



  • They help the users of financial information (such as investors, creditors, regulators, tax authorities, etc.) to evaluate the profitability, liquidity, solvency, and growth potential of the business.



  • They help the business entity to comply with the legal and ethical standards of accounting and reporting.



Some of the challenges are:


  • They require a lot of knowledge, skills, and experience to apply the accounting concepts and procedures correctly and consistently.



  • They involve a lot of calculations, adjustments, reconciliations, and disclosures to prepare the financial statements.



  • They may be affected by various factors such as changes in accounting standards, tax laws, business environment, etc.



  • They may be subject to errors, frauds, or manipulations that may distort the true and fair view of the business entity.



How to use Accounting Made Easy Win Ballada Partnership And Corporation book?




Now that you have a basic understanding of what partnership and corporation accounting is, let's see how you can use Accounting Made Easy Win Ballada Partnership And Corporation book to learn it in a simple and easy way. This book is one of the best-selling books on partnership and corporation accounting in the Philippines. It is written by Win Ballada, a CPA and MBA who has more than 30 years of teaching experience in accounting. He is also the author of other popular books on accounting such as Basic Accounting Made Easy, Intermediate Accounting Made Easy, Advanced Accounting Made Easy, etc. He is assisted by Susan Ballada, a CPA who is also his co-author and editor. Together, they have created a book that is suitable for students, professionals, and business owners who want to learn partnership and corporation accounting in a comprehensive and comprehensible manner.


Overview of the book and its authors




Accounting Made Easy Win Ballada Partnership And Corporation book is divided into 15 chapters that cover the following topics:


  • Introduction to partnership and corporation accounting



  • Formation of partnerships



  • Distribution of profits or losses among partners



  • Changes in partnership (admission or withdrawal of partners)



  • Dissolution or liquidation of partnerships



  • Introduction to corporation accounting



  • Issuance or repurchase of shares or bonds



  • Dividends or interest payments



  • Retained earnings or accumulated losses



  • Mergers or acquisitions



  • Manufacturing operations



  • Analysis of financial statements



  • Cash flow statement



  • Ratios analysis



  • New trends in partnership and corporation accounting (such as international accounting standards, international financial reporting standards, etc.)



The book follows a systematic approach to present each topic. At the start of each chapter, an overview of the topics to be discussed is given in the form of a narrative of real world situations. The topics are then presented in a concise and comprehensible manner. Illustrations immediately follow the discussion of accounting concepts. At the end of each chapter, the discussions are supplemented with review questions that may be used by the student as a device to test his understanding of key points in each chapter. The book also provides answers to selected review questions at the end of the book for reference.


Features and contents of the book




The book has several features that make it easy to use and learn from. Some of these features are:



  • The book uses simple language and examples that are relevant to the Philippine context.



  • The book uses tables, charts, diagrams, and graphs to illustrate and explain complex concepts.



  • The book uses color coding to highlight important terms, formulas, rules, etc.



  • The book uses icons to indicate tips, warnings, reminders, etc.



  • The book uses exercises, problems, cases, etc. to reinforce learning and practice skills.



  • The book uses new terminologies and rules introduced in the international accounting standards, and the international financial reporting standards.




The contents of the book are organized in a logical and progressive manner. The book starts with an introduction to partnership and corporation accounting, then moves on to discuss the formation, distribution, changes, dissolution, or liquidation of partnerships, then proceeds to discuss the formation, issuance, repurchase, dividends, retained earnings, mergers, or acquisitions of corporations. The book then covers the topics of manufacturing operations and analysis of financial statements, including cash flow statement and ratios analysis. The book concludes with a chapter on the new trends in partnership and corporation accounting, such as the international accounting standards and the international financial reporting standards.


How to access and purchase the book




If you are interested in using Accounting Made Easy Win Ballada Partnership And Corporation book to learn partnership and corporation accounting, you have several options to access and purchase it. You can buy a physical copy of the book from various bookstores in the Philippines, such as National Bookstore, Fully Booked, etc. You can also order it online from websites such as Lazada, Shopee, etc. The price of the book may vary depending on the seller and the edition. Alternatively, you can rent or borrow a copy of the book from libraries or friends who have it. You can also find some digital copies of the book online, but be careful of the quality and legality of these sources.


How to apply partnership and corporation accounting concepts in practice?




Reading Accounting Made Easy Win Ballada Partnership And Corporation book is a great way to learn partnership and corporation accounting concepts and procedures. However, to truly master them, you need to apply them in practice. This means that you need to solve problems, cases, exercises, etc. that involve partnership and corporation accounting transactions and scenarios. By doing so, you will be able to reinforce your understanding, test your knowledge, develop your skills, and prepare for exams or real-world situations.


Examples of partnership and corporation accounting problems and solutions




One of the best ways to learn how to apply partnership and corporation accounting concepts in practice is to look at examples of problems and solutions. Accounting Made Easy Win Ballada Partnership And Corporation book provides many examples of problems and solutions throughout the chapters. These examples illustrate how to apply the accounting concepts and procedures discussed in each topic. They also show how to use tables, charts, diagrams, graphs, etc. to present and explain the solutions. Here are some examples of partnership and corporation accounting problems and solutions from the book:


Example 1: Formation of a partnership Problem: A and B decided to form a partnership on January 1, 2023. A contributed cash of P100, 000 and equipment with a fair value of P50, 000 (original cost P80, 000, accumulated depreciation P30, 000). B contributed land with a fair value of P120, 000 (original cost P90, 000) and a building with a fair value of P180, 000 (original cost P200, 000, accumulated depreciation P50, 000). The partners agreed to share profits and losses equally.


Solution:


A B Total --- --- --- Cash 100, 000 - 100, 000 Equipment (net) 50, 000 - 50, 000 Land - 120, 000 120, 000 Building (net) - 180, 000 180, 000 Capital 150, 000 300, 000 450, 000 The journal entry to record the formation of the partnership is:


Account Debit Credit --- --- --- Cash 100, 000 - Equipment 50, 000 - Land 120, 000 - Building 180, 000 - A,Capital - 150, 000 B,Capital - 300, 000 Example 2: Issuance of shares Problem: C Corporation was authorized to issue 100, 000 shares of P10 par value common stock. On January 1, 2023, it issued 40, 000 shares at P12 per share. On April 1, 2023, it issued another 20, 000 shares at P15 per share.


Solution:


The journal entry to record the issuance of shares on January 1, 2023 is:


Account Debit Credit --- --- --- Cash (40, 000 x P12) 480, 000 - Common Stock (40, 000 x P10) - 400, 000 Additional Paid-in Capital - 80, 000 The journal entry to record the issuance of shares on April 1, 2023 is:


Account Debit Credit --- --- --- Cash (20, 000 x P15) 300, 000 - Common Stock (20, 000 x P10) - 200, 000 Additional Paid-in Capital - 100, 000 Tips and tricks for solving partnership and corporation accounting problems




Solving partnership and corporation accounting problems can be challenging, especially if they involve complex transactions or scenarios. However, there are some tips and tricks that can help you solve them more easily and accurately. Here are some of them:


  • Read the problem carefully and identify the relevant information, such as the names of the partners or shareholders, the dates of the transactions, the amounts involved, the profit or loss sharing ratio, etc.



  • Use tables, charts, diagrams, graphs, etc. to organize and present the information in a clear and logical way.



  • Follow the accounting equation (Assets = Liabilities + Equity) and the double-entry system (Debit = Credit) to record the transactions and prepare the financial statements.



  • Use the appropriate accounts, formulas, rules, etc. for each type of transaction or scenario. For example, use capital accounts, drawings accounts, profit or loss distribution accounts, etc. for partnership transactions; use common stock accounts, additional paid-in capital accounts, retained earnings accounts, dividends accounts, etc. for corporation transactions.



  • Check your calculations and answers for accuracy and completeness. Make sure that they agree with the given information and that they balance.



Resources and tools for learning partnership and corporation accounting




Besides Accounting Made Easy Win Ballada Partnership And Corporation book, there are many other resources and tools that can help you learn partnership and corporation accounting. Some of these resources and tools are:


  • Online courses and tutorials that cover partnership and corporation accounting topics in depth. For example, you can check out Udemy, Coursera, Khan Academy, etc.



  • Online quizzes and tests that assess your knowledge and skills in partnership and corporation accounting. For example, you can check out AccountingCoach, Study.com, Quizlet, etc.



  • Online forums and communities that provide support and guidance for partnership and corporation accounting learners. For example, you can check out Reddit, Quora, Stack Exchange, etc.



  • Online calculators and software that help you perform calculations and prepare financial statements for partnership and corporation accounting. For example, you can check out Excel, Google Sheets, QuickBooks, etc.



Conclusion




In this article, we have introduced you to a book that will help you learn partnership and corporation accounting in a simple and easy way: Accounting Made Easy Win Ballada Partnership And Corporation. We have also shown you how to use this book effectively, how to apply its concepts in practice, and where to find more resources and tools for learning partnership and corporation accounting. By following the tips and tricks we have shared with you, you will be able to master partnership and corporation accounting concepts and procedures in no time.


Summary of the main points




Here are the main points we have covered in this article:


  • Partnership and corporation accounting is a branch of accounting that deals with the financial transactions, records, reports, and analysis of business entities that are formed as partnerships or corporations.



  • Accounting Made Easy Win Ballada Partnership And Corporation book is a best-selling book on partnership and corporation accounting in the Philippines. It is written by Win Ballada, a CPA and MBA, and Susan Ballada, a CPA and co-author/editor.



  • The book is divided into 15 chapters that cover topics such as formation, distribution, changes, dissolution, or liquidation of partnerships; formation, issuance, repurchase, dividends, retained earnings, mergers, or acquisitions of corporations; manufacturing operations; analysis of financial statements; cash flow statement; ratios analysis; and new trends in partnership and corporation accounting.



  • The book follows a systematic approach to present each topic. It uses simple language and examples, tables, charts, diagrams, graphs, color coding, icons, exercises, problems, cases, etc. to illustrate and explain complex concepts.



  • The book can be accessed and purchased from various bookstores in the Philippines or online from websites such as Lazada, Shopee, etc.



  • To apply partnership and corporation accounting concepts in practice, you need to solve problems, cases, exercises, etc. that involve partnership and corporation accounting transactions and scenarios.



  • Accounting Made Easy Win Ballada Partnership And Corporation book provides many examples of problems and solutions throughout the chapters. You can also find more online courses, quizzes, forums, calculators, and software that can help you learn partnership and corporation accounting.



FAQs




Here are some frequently asked questions (FAQs) about partnership and corporation accounting:


  • What is the difference between a partnership and a corporation?



  • How are partnerships and corporations taxed?



  • How are profits or losses distributed among partners or shareholders?



  • How are changes in partnership or corporation accounted for?



  • What are the advantages and disadvantages of partnerships and corporations?



The answers to these FAQs are:


  • A partnership is a business entity that is owned by two or more individuals who share the profits and losses of the business. A corporation is a business entity that is owned by shareholders who have limited liability for the debts and obligations of the business.



  • Partnerships are considered as pass-through entities, which means that they do not pay income tax at the entity level. Instead, the partners report their share of income or loss on their personal tax returns and pay tax accordingly. Corporations are considered as separate taxable entities, which means that they pay income tax at the entity level. In addition, the shareholders may pay tax on dividends received from the corporation.



  • Profits or losses are distributed among partners according to their profit or loss sharing ratio, which is agreed upon by the partners in the partnership agreement. Profits or losses are distributed among shareholders according to their earnings per share or dividends per share, which are determined by the board of directors of the corporation.



  • Changes in partnership may include admission or withdrawal of partners, dissolution or liquidation of partnerships, etc. Changes in corporation may include issuance or repurchase of shares or bonds, dividends or interest payments, retained earnings or accumulated losses, mergers or acquisitions, etc. These changes are accounted for using different accounts, formulas, rules, etc. depending on the type and nature of the change.



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