COLEGIO DE SAN JUAN DE LETRAN Intramuros, Manila College of business Administration and Accountancy ACCOUNTANCY AREA Syllabus School Year 2005-2006
I.
Course Number
:
ACCTG 2
II. Course Course Title: Title:
Introd Introduct uction ion to Partne Partnersh rship ip and Corpor Corporati ation on Accoun Accountin ting g
III. Credit
3 units
:
IV. Pr Prerequisite :
Acctg. 1
V. Course Description : This is a continuation of the first course in accounting. It deals with transactions, transactions, financial statements, and problems peculiar to the operations of partnership and corporations as distinguished from sole proprietorships. proprietorships. Topics include: include: partnership formation formation and operations including accounting accounting for the admission of partners, changes in capital, and profit-and loss sharing ratios, the conversion of an unincorporated enterprise into a corporation; accounting for incorporated enterprises, including the preparation preparation of financial statements statements for internal and external purposes; and sample financial statements of companies in the service, manufacturing and trading industries. VI. Cour Course se Rati Ration onal ale: e: To cont contri ribu bute te to the full full apprec apprecia iati tion on of the the cour course se,, a stud studen entt should should be expos exposed ed to the formation, operations, dissolution, and liquidation of partnerships, partnerships, basic considerations considerations in forming forming a corporation corporation and stock stock transactions. transactions.
VII. Course Objectives: A. General Objective Objective:: At the end of the course the students are expected to have achieved a thorough understanding of the principles, theories, concepts, structures structures and relationships relationships of a partnership and the corporate form of business enterprise. enterprise. B. Specific Objectives: Objectives: Cognitive: Establis Establish h a thorough thorough and working working understandi understanding ng of the overall overall concepts concepts and principles principles of accounting as applied to the partnership and corporate forms of business organization as well as the provision of partnership partnership laws related to the formation, objections, dissolution and liquidation; knowle knowledge dge in the the accoun accountin ting g of partn partner ershi ship p transa transacti ctions ons includ includin ing g conver conversio sion n of sole sole proprietorship proprietorship to partnership; partnership; provisions of corporate law related to formation, formation, capital structure and operations of a corporate form of organization; knowledge in the accounting of corporate transactions, transactions, including conversion of partnership partnership to corporation. •
Affective: •
• •
Accept the business and social responsibilities attached to both the partnership and corporate forms of business. Integrate the values of honesty, objectivity, mutual trust and concern. Value the importance of basic accounting principles leading to the construction of financial information for decision-making.
Psychomotor: Perform the necessary steps in the preparation of financial statements of the partnership and corporate forms of business whether engaged in trading or manufacturing operations. •
Specific Objectives
Review the basic principles and concepts learned in accounting 1.
Subject Matter
Values
1.Review of accounting Sense of cycle appreciatio a. Recording of n business transaction in the journal. b. Posting to the general ledger c. Preparation of trial balance d. Preparation of 10 column worksheet e. Preparation of adjusting entries
Strategies/ Instructio Evalua Teaching nal Methodologi Material es
Tim e Fra me
-Question and Answer -Discussions -Problem Solving
1st Reviewed week the basic - 2nd principles week and concepts learned in accounting 1.
-Review Review Illustrative tests, . Quizzes Demonstra tion problem -Book -Exercises
Expected Output
f. Preparation of financial statements 1.Multiple step income statement 2. Statement of changes in owners equity. 3.Classified balance sheet g. preparations of closing and reversing entries.
Specific Objectives
Subject Matter
Values
Strategies/Teac Instruction Evaluati hing al Material
Time Expected Fram Output
Methodologies
Define partnership 2.Partnership basic clearly. concepts & formation Enumerate the a. Partnership features of a defined partnership. b. Features of partnership Cite the c. Elements of a advantages and partnership. disadvantages of a d. Kinds of partnership as [partnership compared to sole e. Kinds of partners proprietorship and f. Partners role corporation. g. Advantages and disadvantages of Explain the partnership accounting h. Articles of a principles in partnership partnership i. Rights of partners formation. j. Partners capital and drawing accounts k. Loan Payable and Journalize Loan Receivable transactions accounts
Sense of appreciati on . Objectivit y and Fairness.
Lecture, Discussion -Question and answer -LectureDemonstration --Problem Solving
e
-Illustrative/ Demonstrati on Problem -Sample of articles of a coPartnership -Book -Exercise -Case Problem -Practice Set
Tests, 3rd-4th Defined Quizzes, week partnership long clearly. examinat Enumerate ion the features of a partnership. Cited the advantages and disadvantage s of a partnership as compared to sole proprietorshi p and corporation. Explained the accounting principles in
related partnership formation.
to
l. Opening the books of the partnership m.Forms of investment.
partnership formation. Journalized transactions related to partnership formation.
Specific Objectives
Subject Matter
Values
Strategies/Teac Instruction Evaluati I hing al Material n Methodologies t e g r a t e d
Time Expected Fram Output e
Determine the net 3. Partnership income or net loss operation and division of partnership of profit and losses business. a. Income statement. Prepare income b. Closing entries statement of a c. Worksheet service or d. Methods of merchandising dividing profits partnership. and losses e. Factors for an Apply the different equitable method ways of distributing of distribution. net profit or net f. Statement of loss. changes in partner’s equity. Enumerate the different causes of 4. Changes in partners dissolution. equity Revise the partners a. Dissolution equity after defined dissolution b. Causes of Apply the dissolution accounting c. Accounting principles with procedures to
Accuracy Appreciation Honesty and fairness
-Lecture, discussion -Question and answer -Lecturedemonstration -Problem solving -Research
Values of fairness and integrity -Lecture, discussion -Question and answer -Lecturedemonstration -Problem solving -Group
-Illustrative/ Demonstrati on Problem --Exercise -Practice Set
-Illustrative/ Demonstrati on Problem --Exercise -Practice Set -cases
Tests, 5th-7th Determine Quizzes, week d the net long income or examinat net loss of ion partnershi p business.
Tests, Quizzes, long examinat ion
Prepared income statement of a service or merchandi sing 8th-9th partnershi week p. Applied the different ways of distributin g net profit or net loss.
regards to goodwill and bonus recognition. Journalize the transaction related to dissolution.
Specific Objectives
dissolution d. Admission by punches e. Admission by Investment f. Withdrawal of a partner g. Death of a partner h. Incorporation of a partnership i. Recognition of goodwill, bonus and asset revaluation.
Subject Matter
discussion
Values
Strategies/Teach Instruction Evaluati I ing al Material
Time Expected Fram Output
n t e g r a t e d
Methodologies
e
COMMUNITY SERVICE INTEGRATION
Illustration, Quizzes Nature, formation and Organizing Lecture Provide the organization discussion Exercises Seat of skills students with the partnership. Obedience Project study in Problemworks basic operational and partnership solving knowledge of compliance organization partnership to accounting that government they may apply to rules adopted community. MID-TERM EXAMINATIO N
Differentiate dissolution from liquidation. Apply the legal provisions for partnership liquidation; apply accounting procedures for lump-sum
5. Partnership Liquidation (general Partnership) a. Liquidation defined b. Distinction between dissolution and liquidation c. Liquidation by Lump-sum
Values of fairness and integrity
-Lecture, discussion -Question and answer -Lecturedemonstration -Problem solving
-Illustrative/ Demonstrati on Problem --Exercise -Practice Set -Cases
Tests, Quizzes, long examinat ion
Provided the students with the basic operational knowledge of partnership accounting that they th 10 may apply week to adopted community. Differentiat ed dissolution from liquidation. Applied the legal provisions for partnership
liquidation. Prepare the statement of liquidation Record the transactions involved in lumpsum liquidation.
method d. Statement of partnership Liquidation. e. Entries in liquidation. f. Cash distribution by lump-sum method 1. Partners with loan account 2. Deficient partners in solvent 3. Exercise of the right of offset
liquidation; apply accounting procedures for lumpsum liquidation. Prepared the statement of liquidation Recorded the transactions involved in lump-sum liquidation.
Specific Objectives
Subject Matter
Values
Strategies/Teach Instruction Evaluati ing al Material Methodologies
Time Fram e
Expected Output
Define 6.Accounting for corporation. Corporate formation and Discuss the Operation. attributes of a a. Formation of corporation corporation. Explain the Definition incorporation 1. Characteristi requirements. cs. List down the 2. Types of different kinds of corporation corporation. 3. Distinction Describe the kinds between of Capital Stock. partnership Examine the and different corporation. components of b. Accounting for stockholders formation and equity operation. Journalize capital 1. Recording of stock transaction. preferred and (using two common methods) stock (par, Journalize non-par, dividends, stated value) treasures stocks & transactions retained earnings. under
Adherence to legal provisions
-Lecture, discussion -Question and answer Faithfulness -Lecturedemonstration Values of -Problem solving fairness, honesty and integrity Care and Accuracy
-Illustrative/ Demonstrati on Problem --Exercise -Practice Set -Cases
th
Tests, 11 Quizzes, 14th long week examinat ion
Defined corporation. Discussed the attributes of a corporation Explained the incorporatio n requirement s. Listed down the different kinds of corporation. Described the kinds of Capital Stock. Examined the different components of stockholder s equity
Compute EPS and BVS.
Specific Objectives
memorandu m & journal entry methods. 2. Incorporation of sole proprietorshi p and/or partnership.
Subject Matter
Journalized capital stock transaction. (using two methods) Journalize dividends, treasures stocks & retained earnings. Compute EPS and BVS
Values
Strategies/Teach Instruction Evaluati ing al Material
Time Fram
Expected Output
Methodologies
e
Discuss the nature 7. non-cost Values of Demonstrationof manufacturing manufacturing system. attentivenes Lectures, business. a. Introduction of s and care question and Differentiate the elements of browser manufacturing from manufacturing merchandising costs business -Direct materials -Direct loan. . -Manufacturing Journalize expenses. manufacturing b. Preparation of transactions. statement of cost Prepare statement of goods of cost of goods manufactured and manufactured and income sold. statement.
Value of carefulness and patience Define what the voucher system is Examine critically
8. Voucher system a. Characteristics of the voucher system.
Lecturediscussion Lecture demonstration Problem-solving Question and
-Illustrative/ Tests, Demonstrati Quizzes on Problem --Exercise -Cases
-Illustrative/ Tests, Demonstrati Quizzes on Problem --Exercise -Cases
15th16th week
17th week
Discussed the nature of manufacturi ng business. Differentiat ed manufacturi ng from merchandisi ng business Journalized manufacturi ng transactions . Prepared statement of cost of goods manufactur ed and sold. Defined what the voucher
the features of the system. Explain the basic concepts of the system. Prepare journal entries using the different books of accounts.
b. Books of accounts used c. Accounting entries made.
answer.
system is Examined critically the features of the system. Explained the basic concepts of the system. Prepared journal entries using the different books of accounts
Specific Objectives
Subject Matter
Correlate the inter 9.Simple relationships of reconstruction of different accounts accounts. Analyze the entries a. Determination of made. net income or Compute for loss through missing items and reconstruction of. amounts. 1. Sales 2. Purchase 3. Expenses 4. Other income 5. Capital
Values
Values of accuracy, care and patience
Strategies/Teach Instruction ing al Material Methodologies
Lecturediscussion Lecture demonstration Question and answer.
Evaluatio
Demonstrati Quizzes on and tests problems Exercises
Time Fram e
Expected Output
18th week
Correlated the inter relationshi ps of different accounts Analyzed the entries made Compute for missing items and
COMMUNITY
accounts b. Reconstruction of accounts from trial balance.
amounts.
SERVICE INTEGRATION
Provide the students with the basic skills in cooperatives and corporation accounting that they may apply in the adopted community.
Organizatio n skills Compliance Nature, formation to and organization of government corporation as well rules as cooperatives.
FINAL EXAMINATION
Lecturediscussion Project study on how to organize a corporation and/or cooperative.
Quizzes Illustration Seatwork Exercises Examinati Problemon solving
Provided the students with the basic skills in cooperativ es and corporatio n accountin g that they may apply in the adopted communit y.
VIII.
Grading System MIDTERMS FINALS CLASS STANDING 30% CLASS STANDING 30% QUIZZES 30% QUIZZES 30% MIDTERM EXAM 40% FINAL EXAM 40% MIDTERM GRADE
100%
PRE-FINAL GRADE
100%
FINAL GRADE
MIDTERM
IX.
50% +
PRE-FINAL GRADE 50% =
100%
Course Policies: Policies on attendance, tardiness and academic dishonesty are found in the Student Handbook.
In case of missed examination and assignments, the student is given the chance to make-up within a week from the day he/she reported, otherwise, it will be equivalent to 50%. Students have to pass an Examination covering Acctg. 1 and 2. X.
Textbook: Baysa and Lupisan, Accounting for Partnership and Corporation, 2005 edition
XI.
References: Manuel, Zenaida,, Accounting for Partnership and Corporation, 2004 Edition Ballada, Win Lu, Partnership and Corporation Accounting (Made Easy), 2004 edition
