Accounting Made Easy: Win Ballada's Expert Tips for Partnership and Corporation
Accounting Made Easy: Win Ballada's Guide for Partnership and Corporation
Are you looking for a simple and comprehensive way to learn accounting for partnership and corporation? Do you want to ace your exams and improve your skills in this field? If yes, then you need to check out Win Ballada's book: Accounting Made Easy.
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Accounting Made Easy is a popular and trusted resource for students and professionals who want to master the concepts and principles of accounting for partnership and corporation. It covers topics such as formation, operation, dissolution, liquidation, admission, retirement, death, merger, consolidation, and more. It also provides examples, exercises, problems, and solutions to help you apply what you learn.
Win Ballada is a certified public accountant and a professor of accounting at the Polytechnic University of the Philippines. He has written several books on accounting, taxation, and business law. He is also a speaker and a consultant for various organizations and institutions.
In this article, we will give you an overview of some of the main topics covered in his book: Accounting Made Easy. We will also share some tips on how to use this book effectively for your learning and review.
Formation of Partnership and Corporation
One of the first topics that you will encounter in Accounting Made Easy is the formation of partnership and corporation. This topic deals with how these two types of business entities are created and organized.
A partnership is a voluntary association of two or more persons who agree to contribute money, property, or services to a common fund or business venture. A partnership can be classified as general or limited depending on the liability of the partners. A general partnership is one where all partners have unlimited liability for the debts and obligations of the partnership. A limited partnership is one where one or more partners have limited liability while the others have unlimited liability.
A corporation is an artificial being created by law with a separate and distinct personality from its owners or shareholders. A corporation can be classified as stock or non-stock depending on whether it issues shares of stock or not. A stock corporation is one that issues shares of stock to its owners or shareholders who have limited liability for the debts and obligations of the corporation. A non-stock corporation is one that does not issue shares of stock but instead has members who have no proprietary interest in the corporation.
In Accounting Made Easy, you will learn how to account for the initial investments of the partners or shareholders in the partnership or corporation. You will also learn how to prepare the balance sheet of the partnership or corporation after formation.
Operation of Partnership and Corporation
Another topic that you will learn in Accounting Made Easy is the operation of partnership and corporation. This topic deals with how these two types of business entities conduct their activities and transactions.
A partnership operates under an agreement among the partners that specifies their rights and obligations. The agreement may be oral or written, express or implied. The agreement may also include provisions on how to allocate profits and losses among the partners, how to admit new partners or withdraw existing ones, how to resolve disputes or conflicts, and how to dissolve or liquidate the partnership.
A corporation operates under a set of rules and regulations called by-laws that are adopted by its board of directors and approved by its shareholders. The by-laws may contain provisions on how to elect directors and officers, how to hold meetings and vote on corporate matters, how to declare dividends and issue stocks, how to amend or repeal by-laws, and how to dissolve or liquidate the corporation.
In Accounting Made Easy, you will learn how to account for the revenues and expenses of the partnership or corporation. You will also learn how to prepare the income statement
Dissolution and Liquidation of Partnership and Corporation
The last topic that you will learn in Accounting Made Easy is the dissolution and liquidation of partnership and corporation. This topic deals with how these two types of business entities end their existence and settle their affairs.
A partnership is dissolved when there is a change in the relation of the partners caused by any partner ceasing to be associated in the carrying on of the business. This may happen due to various reasons such as death, retirement, withdrawal, expulsion, bankruptcy, or mutual agreement of the partners. A dissolution may or may not result in the liquidation of the partnership. A liquidation is the process of winding up the partnership affairs by selling the assets, paying the liabilities, and distributing the remaining balance to the partners.
A corporation is dissolved when its corporate existence is terminated by law or by its own act. This may happen due to various reasons such as expiration of its term, voluntary surrender of its charter, revocation or forfeiture of its charter by the state, or judicial decree. A dissolution always results in the liquidation of the corporation. A liquidation is the process of winding up the corporate affairs by selling the assets, paying the liabilities, and distributing the remaining balance to the shareholders.
In Accounting Made Easy, you will learn how to account for the events and transactions that occur during the dissolution and liquidation of partnership and corporation. You will also learn how to prepare the statement of realization and liquidation for partnership and corporation.
How to Use Accounting Made Easy Effectively
Now that you have an idea of what Accounting Made Easy covers, you might be wondering how to use this book effectively for your learning and review. Here are some tips that you can follow:
Read each chapter carefully and understand the concepts and principles presented. Pay attention to the definitions, explanations, illustrations, and examples given by the author.
Answer the exercises and problems at the end of each chapter. Check your answers with the solutions provided by the author. If you have any doubts or errors, review the relevant topics and try again.
Review your notes and summaries regularly. Make sure that you can recall and apply what you have learned from each chapter.
Take practice tests or quizzes to assess your progress and readiness. You can use the questions provided by the author or look for other sources online or offline.
Seek help from your instructor, classmates, or tutor if you encounter any difficulties or challenges. Do not hesitate to ask questions or clarify your doubts.
By following these tips, you can make the most out of Accounting Made Easy and achieve your learning goals.
Conclusion
Accounting for partnership and corporation is a challenging but rewarding subject that requires a solid understanding of the concepts and principles involved. If you are looking for a simple and comprehensive way to learn this subject, you should consider using Win Ballada's book: Accounting Made Easy. This book covers the main topics of formation, operation, dissolution, and liquidation of partnership and corporation. It also provides examples, exercises, problems, and solutions to help you apply what you learn. By using this book effectively, you can master accounting for partnership and corporation and achieve your learning goals.
We hope that this article has given you an overview of what Accounting Made Easy covers and how to use it effectively. If you have any questions or feedback, please feel free to contact us. Thank you for reading and happy learning! a27c54c0b2
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