Modul ke

Akuntansi Keuangan Lanjutan I

02 PEMBENTUKAN & PENGOPERASIAN PERSEKUTUAN

(Formation and Operation of Partnership)

Fakultas

Ekonomi
Bisnis
Eriana Kartadjumena, Ph.D, Ak, CSRS
eriana.kartadjumena@widyatama.ac.id
Program Studi

Strata 1 (S1)
Akuntansi
Partnerships: Objectives
1. Memahami karakteristik hukum dari Persekutuan
2. Memahami penilaian investasi awal dan pencatatannya
3. Memahami metode pembagian laba dan rugi
persekutuan dan perhitungannya.
4. Memahami penilaian investasi sekutu baru pada
persekutuan yang sudah ada.
5. Memahami penilaian hak sekutu yang berhenti atau
meninggal.
6. Memahami karakteristik tanggung jawab terbatas
persekutuan
1: Characteristics of Partnerships
Partnerships –
Formation, Operations, and Changes
in Ownership Interests
 Partnerships
• Entity theory:
• partners own their share of the partnership, but not its individual
assets
• Dissociation:
• partners can dissociate without dissolution
Partners have
• Mutual agency
• Unlimited liability
 Articles of Partnership
1. Products or services, line of business
2. Partner rights & responsibilities
3. Initial investment and value assigned to noncash investments
4. Additional investment conditions
5. Asset withdrawals
6. Profit and loss sharing
7. Dissolution procedures
 Partnership Reporting

• Financial reporting should provide for the needs of

• Partners
• Creditors of the partnership
• Taxes
2: Initial Investment
Partnerships – Formation, Operations, and
Changes in Ownership Interests
Initial Investment
Cash XXX
Amy Capital XXX
Cash XXX
Paul Capital XXX
A partnership is started by Amy and Paul, each investing
cash.
If they invest other assets, the value of those assets
should be agreed upon in advance.
Cash XXX
Equipment XXX
Land XXX
Paul Capital XXX
Initial Investment with Bonus or
Goodwill
Partner initial investments, at fair value, will not
represent their ownership.
• Individual talent
• Business connections
• Customer base
Partners choose method
• Bonus method
• Adjustment within the capital accounts
• Goodwill method
• Goodwill is recorded on the books
Initial Investment with Bonus
Total fair value received is split, as desired, between
partners
Cola invests land and building worth $10 and $40.
Crown invests cash and inventory at $7 and $35.
Agree to have equal shares:
(10 + 40 + 7 + 35) / 2 = $46 each
Cash 7
Inventory 35
Land 10
Building 40
Cola Capital 46
Crown Capital 46
Initial Investment with Goodwill
If Cola and Crown agree to equal shares, use
larger implied total value of firm.
Cola's: (10 + 40) / 50% = $100
Crown's: (7 + 35) / 50% = $84
Implied value of firm $100
Cola's 50%(100) $50 Crown's 50%(100) $50
He invests: He invests:
Land $10 Cash $7
Building $40 $50 Inventory $35 $42
Goodwill $8
Initial Entry with Goodwill
Land 10
Building 40
Cola Capital 50
To record Cola's investment
Cash 7
Inventory 35
Goodwill 8
Crown Capital 50
To record Crown's investment and goodwill
 Partner Accounts
Each partner has his/her own accounts for
• Capital
• Drawings (periodic, salary-like, amounts)
• Withdrawals (other, large, unusual amounts)
• Investments increase Capital
• Drawings and withdrawals are closed to Capital
• Income Summary or Revenue and Expense Summary is
closed to Capital.
 Sample Partner Closing Entries
Drawings / Amy Capital XXX
withdrawals Amy Drawings XX
are closed to
individual Amy Withdrawals XX
capital Reduces Amy's capital for drawings and withdrawals
accounts. Paul Capital XXX
Paul Drawings XXX
Income Summary Profit
Amy Capital XXX
Paul Capital XXX
To share profits between Amy and Paul
Income is shared between the partners. A loss would cause
the entry to be reversed. It is possible for some partners to
have losses while other have profits.
 Statement of Partners' Capital

Beginning capital+investments –drawings and/or withdrawals + income or – loss = ending capital

3: Sharing Profit and Loss
Partnerships – Formation, Operations, and
Changes in Ownership Interests
Profit/ Loss Sharing Agreements
The partnership articles should clearly state the
means of distributing profits and distributing
losses.
Items commonly considered
• Bonus allowance
• Salary allowance
• Interest allowance on capital invested
• Based on average, beginning or ending capital balance
• Sharing of remaining amounts
 Bonus and Salary Allowances
Bonus allowances are often based on partnership profits and
may be before or after:
(a) salary allowances and (b) bonus.
If the bonus is after both:
Bonus = b% x (NI – Salary Allow – Bonus)

Salary allowances are generally pre-determined amounts

 Interest Allowances and Capital
Interest Allowances are generally based on a measure of the
partner's capital
• Beginning of the year capital balance
• Average* capital balance for the year
Weighted average balance
• Ending* capital balance
Beginning balance – withdrawals + investments
* Periodic drawings are often ignored, although withdrawals are considered
 Allocating Income
Partner's allowances for bonus, salary and interest are
allocated to them, whether or not sufficient profits exist.
Remaining profits (or deficit) is then split according to the
agreed-upon proportions.

These are general procedures. The partnership articles provide

the specific requirements.
 Example: Sharing Profits
Tom and Betty agree to share profits and losses:
• Tom and Betty have $60 and $30 salary allowances
• Betty has a bonus of 50% of profits in excess of $500
• Each have interest allowances of 10% of beginning capital
• Tom Capital, 1/1 $400
• Betty Capital, 1/1 $350
• Remaining profits or losses are shared Tom 60%, Betty 40%.
Partnership profits are $660 for the year.
Share Profits of $660
Total Tom Betty
Net income $660
Salary allowance (90) $60 $30
Bonus allowance (80) 0 80
Interest allowance (75) 40 35
Subtotal $415
Split 60:40 (415) 249 166
Allocated net income $0 $349 $311

Bonus = 50%(660 - 500) = 80

Tom Interest = 10%(400) = 40
Betty Interest = 10%(350) = 35
60%(415) = 249; 40%(415) = 166
 Share Profits of $180
Assume instead that income was only $180.

Total Tom Betty

Net income $120
Salary allowance (90) $60 $30
Bonus allowance 0 0 0
Interest allowance (75) 40 35
Subtotal, deficit ($45)
Split 60:40 45 (27) (18)
Allocated net income $0 $73 $47
Bonus = zero, income does not exceed threshold
Tom Interest = 10%(400) = 40
Betty Interest = 10%(350) = 35
60%(-45) = -27; 40%(-45) = -18
Terima Kasih Atas Perhatiannya

Eriana Kartadjumena, Ph.D, Ak, CSRS

eriana.kartadjumena@widyatama.ac.id