1. Identify the principal characteristics, advantages, and disadvantages of the partnership form of business.
2. Record partners’ investments of cash and other assets when a partnership is formed.
3. Compute and record the income or losses that partners share, based on stated ratios, capital balance ratios, and partners’ salaries and interest.
4. Record a person’s admission to a partnership.
5. Record a person’s withdrawal from a partnership.
6. Compute the distribution of assets to partners when they liquidate their partnership.