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Processing for Partnerships and Companies Textbook/Workbook NCEA Level 3 - 9780170962803
144 Pages

Processing for Partnerships and Companies Textbook/Workbook NCEA Level 3

By | Copyright Year:2006 | ISBN-13: 9780170962803

The Senior Accounting Series is a range of student workbooks with extensive course notes that has been designed for senior secondary courses and introductory courses at tertiary level. Although it is primarily based on the prescriptions for the National Certificate of Educational Achievement, Levels 3 and 4, the series is suitable for use in other courses where students have already mastered the essential elements of the accounting cycle.

Processing for Partnerships and Companies provides a comprehensive coverage of the accounting process relating to the formation of these entities and the preparation of their year-end financial statements. Additional entries that impact the equity of companies are also included. Full explanations of the accounting process are provided, together with comprehensive examples. Based on the New Zealand Equivalents to International Financial Reporting Standards issued by the New Zealand Institute of Chartered Accountants, this workbook provides detailed summary notes and explanations at a level suitable for students who are developing a deeper understanding of the regulatory framework of accounting and the accounting process.

In addition to the study notes, the workbook provides a variety of tasks, giving students the opportunity to relate the conceptual framework to real world accounting scenarios. The tasks are interspersed with the course notes, resulting in logical flow and content development. Space for completing the tasks is included so that, upon completion of the tasks, the student has a compact summary of notes and applications in a single volume.


1 Partnership Formation
Two or More Individuals Invest Cash
A Sole Trader Takes a Partner
Two Existing Businesses Amalgamate

2 Entries to Prepare Partnership Accounts
Equity Accounts
Distribution of Profit
The Profit Distribution Statement

3 Company Formation
Some Facts about Companies
Issue of Shares for Cash
Preliminary Expenses
Over- and Under-subscription
Issue of Shares in Exchange for Assets
Issue of Shares in Satisfaction of Liabilities
Issue of Shares in Exchange for a Going Concern

4 Year-end Events of Companies
Accounting for Company Income Tax
Disclosure of Income Tax in the Financial Statements
Other Company Expenses
Accounting for Dividends

5 Other Company Transactions
Repurchase of Shares
Revaluation of Property, Plant and Equipment
Revaluation of Investments
Distributions of Shares
The Statement of Changes in Equity – a Summary

Additional Questions

Revision Questions



Lilian Viitakangas is an educational consultant. She was a Senior Tutor at The University of Auckland, where she specialised in teacher education and the teaching of introductory accounting courses. Formerly HOD Business Studies at Glenfield College, Lilian has more than twenty years’ teaching experience spanning secondary, tertiary and adult education both in New Zealand and overseas. Lilian is a former examiner for University Entrance, Bursaries and Scholarships, the New Zealand Education & Scholarship Trust and the Sixth Form External Examination in accounting.

Alastair Campbell is a Specialist Classroom Teacher and HOD Business Studies at Macleans College. He has an extensive business background in accounting, sales and marketing and is an experienced marker of external accounting examinations at various levels.


This edition has been completely upgraded in comparison with previous editions. The electronic 2008 international standards edition moved to the New Zealand Equivalent to the IASB Framework for the Preparation and Presentation of Financial Statements (issued 2005). This 2010 edition has further updates to reflect changes in the 2007 revision of NZ IAS 1, which came into effect for accounting periods beginning on 1 January 2009. Important amendments to the NZ Preface, which affect reporting requirements for some companies, have also been included.

Changes to the New Zealand income tax regime, insofar as they affect company tax at this level, have been incorporated. The changes in payment dates for provisional tax have had a considerable impact on the processing of these transactions.

Many of the tasks in the workbook section of the text have been revised and/or replaced. Some new tasks have been designed to reflect the style of NCEA examinations.