Business and technology qualifications, Levels 3-6, in Brussels. Explore qualifications
Portal login
Level 5 Diploma in Tourism and Hospitality Management

Financial Statements for Partnerships

THM503 · Management Accounting — Week 6 of 16

CourseTHM503
Week6 of 16
SemesterI
TutorOnline in the course chat

This week’s topics

Financial Statements for Partnerships

  1. Partnership agreements and capital structures
  2. Profit and loss appropriation accounts
  3. Partners' current and capital accounts
  4. Division of residual profit and interest calculations
  5. Partnership Agreements
  6. Accounting - What is a partnership and how are partnerships accounted for?

What you will be able to do

  • 2.3 Prepare financial statements for a partnership.
  • 2.4 Apply techniques to make adjustments to financial statements.

Activity

Start with this week’s 2 videos, then: Seminar, guided reading and a short written task: prepare financial statements for a partnership.

Study materials

Videos

  • Partnership Agreements · YouTube · Galton College · 19 min · for registered students
  • Accounting - What is a partnership and how are partnerships accounted for? · YouTube · Rebecca's Finance Tutorials · 5 min · for registered students

Further resources

  • Introduction to Financial Accounting, Lyryx 2023-A, ch. 13: Proprietorships and Partnerships · PDF · Other, textbook chapter; pp. 533–552 · for registered students
  • Principles of Accounting, Volume 1: Financial Accounting, ch. 15: Partnership Accounting · PDF · OpenStax, textbook chapter; pp. 855–882 · for registered students
  • Partnership Act 1890 · Reading · legislation.gov.uk, legislation · for registered students
Materials marked “for registered students” open in the student portal, which is set up as soon as you receive final acceptance.
Week 5Week 7
Course chat

Admitted students ask questions on this week’s page in the student portal: an AI assistant trained on the course answers first, and during the course’s timetabled classes Connect to your tutor brings your tutor into the chat, who may start a call if needed.

Open this week in the portal
Course plan
  • Week 1: The Role and Context of Finance and Accounting
  • Week 2: Accounting for Strategic Decision Making
  • Week 3: Nature and Structure of Financial Statements
  • Week 4: Year-End Accounting Adjustments
  • Week 5: Financial Statements for Sole Traders
  • Week 6: Financial Statements for Partnerships
  • Week 7: Financial Ratio Analysis
  • Midterm: Midterm evaluation
  • Week 9: Comparative Historical Performance Evaluation
  • Week 10: Sources of Business Finance
  • Week 11: Budgetary Control, Revenue Management, and Cash Budgeting
  • Week 12: Applying Management Accounting in practice: case studies
  • Week 13: Assignment workshop: research, planning and referencing
  • Week 14: Assignment workshop: drafting, feedback and improvement
  • Week 15: Review and coursework completion
  • Final: Final assessment and submission
Back to the course
Scroll