Partnership Accounting Coursework Example | Topics and Well Written Essays - 1000 words

Partnership Accounting - Coursework Example Capital - William $ 87,500 Capital - Frank $ 87,500 Capital - Sammy $ 175,000 4. General Partnerships is that all partners have unlimited liability. This means that if a business is not able to pay back its debts, the partners are held responsible to pay the debtors back and they can be forced to sell of their personal assets in order to repay the debt. Only under certain circumstances, there can be a partner with limited liability; however that partner does not take part in the management of the business. Under Limited Partnerships there exist some partners whose liability is limited to the contribution of capital in the business. The resignation, retirement or death of such partner does not cause the dissolution of the firm. However, one partner has to have unlimited liability while the partners with limited liability do not take part in the management of the business. Also, such a partnership has to be registered. Joint Venture Partnership is similar to a general partnership, howe ver it lasts for only a certain time period or for a certain project. Usually two companies share the costs, risks and benefits by running a project. However, a written agreement is not necessary. 5. The two methods of recording changes in the membership of a partnership are Bonus Method and Goodwill Method. Under bonus method, the assets accounts increases by the amount of capital contributed by the new partner. Any access amount paid to acquire the interest in the business is credited to the respective partners account. However, under goodwill method, a goodwill account is opened to account for this access amount. It is an intangible asset. 6. A. The list of provisions is: 1) Nature of the  partnership   2) Contributions to the partnership 3) Allocation of profits and losses 4) Interest on Capital 5) Interest on Drawings 6) Management Duties 7) Policy upon admission or retirement of partners. 6. B. The articles of partnership are very significant as it outlines the nature of t he business, the names of the partners, their addresses, the address of the business. Also it includes the duties of each partner, their profit and loss sharing ratios, any salaries if applicable. It has clauses relating the percentage of interest of capital or interest charged on drawings. It may also contain the policy upon admission or retirement of a partner. All the partners and witnesses sign the articles of partnership agreement. Apart from highlighting the various factors relating to the business, it can serve as a legal document. Many partners contribute their capital, labor and skills to the business which has high risk associated with it. Therefore, there is a possibility that there is disagreement among the partners over assignment of duties, division of profit or loss or the admission of a new partner. In case a partnership agreement has not been framed and signed, this can lead to lawsuit. However, if a lawyer is involved and the articles of partnership are stated, it resolves conflict easily as all partners can refer to it. For instance, a dispute arises among distribution of profits among partners, it can be served as a legal document in the court and the conflict can be easily resolved. To avoid legal implications, it is always better to have a partnership agreement to prevent any partner from violating the agreement. It is signed to protect the interest of all partners. Discussion Board The partnership agreement is a legal document that not only serves in the interest of the partners but the government as well. The agreement not only covers the type of the business that it will carry but other important aspects. Many a times the profit and loss sharing ratio is different from the capital ratio, in such cases partnership agree

How comprehensive and abstinent only sex education differ and how Research Paper

How comprehensive and abstinent only sex education differ and how comprehensive is more informative and can help decrease the te - Research Paper Example However, differences on how to approach this subject have also emerged as a result as one group argues for the more traditional promotion of abstinence before marriage while the other advocates for a more direct approach of teaching where the youth are educated on all aspects concerning sex including protection against pregnancies and sexual transmitted diseases (Cook & Clarke 228). Though the more orthodox promoters of sex education are worried that too much information at an early age may not be the wisest decision, the question remains what withholding information on topics such as safe sex will have on the youth as overall as studies have shown that more and more teenagers are engaging in sexual activities and thus if this trend cannot be stopped would it not be better to ensure that they are taking the needed precautions to protect them from unplanned pregnancies and contraction of STIs (Sexually Transmitted Infections). Statistics have shown that the average age that individual s are losing their pregnancy is between 14 – 16 years of age which means that sex education will need to be introduced at an early age if it is to have the desired effect. This statistic is alarming considering that in the earlier years, studies conducted had shown that the average age at which virginity was lost was between 16 -18 years. This shows that a decrease of two years has taken place between the times these two studies were conducted; there is also fear that the age may continue decreasing which is a disturbing thought (Ott & Santelli 425). Abstinence only programs involve sex education with regard to its avoidance until one reaches the age of maturity (18-21 years) or preferably until one is married. This program focuses on encouraging the youth to shun any form of sexual interaction and teach on the dangers of unprotected sex such as unplanned pregnancies and incurable STIs in a bid to scare the youth straight so to speak. They do not offer any alternatives on how one is able to practice safe sex if they do decide to engage in such activities and mostly paint a scary picture on the consequences of having sex at an early age. The program has mostly been promoted by the conservative groups in the country including most religious factions as they feel any other mode of sex education will be in effect promoting the engaging of sexual activities among the youth (Cook & Clarke 236). Comprehensive sex education son the other hand focuses on all aspects involving sex education including its biology, human sexual behavior and the practice of safe sex as an alternative option. This type of sex education though considered unorthodox by the conservative groups have proved to be more effective within the schools as compared to the abstinence only programs in terms of preventing teen pregnancies. Comprehensive sex education includes teaching the use of condoms and other prevention