A2 Accounting - Dissolution and Admitting a new partner.

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my_anon
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Help, my teacher is really bad, he doesnt explain any of this well and my text book is confusing. Do you have any notes of dissolution of a partnership and admitting a new partner. If not could you got throught the steps with me. I really like accounting and want to get an a/a* in it!

P.S. quote me so i can come back to the tread thanks!
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Ice_Queen
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Have you got any specific questions?

I'm a third year Accountancy student, and I did two Law modules in my first/second year, so I've been through some of this but my notes may be a little more in-depth.
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wildbeast15
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For the dissolution part you have to balance off all asset accounts except the cash and bank and transfer the balances to the Realisation account,
then the provision accounts such as doubtful debts into realisation.
Assets sold are put into the bank account and credited in the realisation account,
the takeover of assets by partners are debited in there capital account then credit in realisation,
realisation expenses are credit bank then debit realisation,
creditors paid off are debit creditors then credit bank, if there is discount then the discount goes in the realisation account on credit side,
then share the profit or loss on realisation, debit realisation and credit capital for profit and vice versa,
if there are any loans debit loan account then credit capital,
then transfer partners current accounts to capital account,
If partner has a debit balance creedit capital then debit bank
finally remaining cash/bank balances are uused to repay the credit balance on partners' capital a/c
hope it makes sense, too me an age to write
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Freddy Jnr
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(Original post by my_anon)
Help, my teacher is really bad, he doesnt explain any of this well and my text book is confusing. Do you have any notes of dissolution of a partnership and admitting a new partner. If not could you got throught the steps with me. I really like accounting and want to get an a/a* in it!

P.S. quote me so i can come back to the tread thanks!
Hey,

I'm doing A2 accounting too and it seems as though we're in a similar position. My teacher is good but we only have one lesson a week cos only three out of about twenty of us passed AS and our college is being cheap!

I'm doing AQA and found that the exclusively endorsed textbook doesn't help much. Usually I am not the sort of person that can learn well straight from a book but there are a couple books that are MUCH better. Are you AQA or OCR?

Let me know
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wildbeast15
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Hey i'm doing A2 accounting as well but in this case our teachers are quite good :P you should look at the nelson thornes A2 accounting, theres not much theory but explains how to do the practical side very well.
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my_anon
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(Original post by Freddy Jnr)
Hey,

I'm doing A2 accounting too and it seems as though we're in a similar position. My teacher is good but we only have one lesson a week cos only three out of about twenty of us passed AS and our college is being cheap!

I'm doing AQA and found that the exclusively endorsed textbook doesn't help much. Usually I am not the sort of person that can learn well straight from a book but there are a couple books that are MUCH better. Are you AQA or OCR?

Let me know
Sorry for taking so long, but im doing AQA too! There are no revision books or online notes on it at all.
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Freddy Jnr
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Cool. The book I find most helpful (for all topics) is A2 Accounting for AQA (David Cox and Michael Fardon) and it's under £20. This has questions on each topic and gives ansers to about half of them at the back.

If money's no object I also have an A2 Accounting pack from the National Extension College which goes through everything step by step. That's about £180 I think so may not be an option for you.

I also have Ian Harrison's "Advanced Accounting for A2" which covers both AQA and OCR. I haven't gone through that one yet but I'm going on the assumption that I'm likely to understand elemements of some easier than I do others. Also, it can't hurt to get practice at different styles of questions.

Hope this has been somewhat helpful.
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matt2k8
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(Original post by my_anon)
Help, my teacher is really bad, he doesnt explain any of this well and my text book is confusing. Do you have any notes of dissolution of a partnership and admitting a new partner. If not could you got throught the steps with me. I really like accounting and want to get an a/a* in it!

P.S. quote me so i can come back to the tread thanks!
The AQA-approved textbook (the one I assume you're using) isn't very good at all, it's decent for some of the written bits but other than that it's a bit confusing/short :\ I advise getting "Advanced Accounting for A2" by Ian Harrison. The only way to get used to it really is to practice as there's so many weird items/situations that can pop up.
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dorcas daniel
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i think ian harrison is better becasue that's what i use in my college and you can also try past questions because there is no differnence in the questions so you can understand likely questions to come out
hope that helps
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charlenetapiwa
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thank you that helped a span
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