7.1 Discuss the nature of partnership business according to Partnership Act 1961   

7.1.1 Define partnership 

7.1.2 Identify the characteristics of partnership business  

7.1.3 Explain types of partnership   

7.1.4 Identify advantages and disadvantages of partnership.   

7.2 Demonstrate the types of accounts for partnership  

7.2.1 Show the relevant accounting treatments related to partnership 

7.2.2 Prepare the extract Statement of Comprehensive Income and Statement of Financial Position  

7.3 Provide the relevant accounting treatments on admission new partners and retirement or death of partners  

7.3.1 Calculate the goodwill amount 

7.3.2 Prepare the revaluation account  

7.4 Provide the relevant accounting treatments on the dissolution of partnership  

7.4.1 Apply the rules from the law case: Garner vs Murray   

7.4.2 Prepare the realization account 

7.4.3 Provide the relevant accounting treatments to close the books of partnership