Interest on Drawings
What is drawings in Partnership Accounts Drawings means any amount withdrawn , either in cash...
Interest on Capital in Partnership
What is Interest on Capital Meaning – Interest on Capital is an appropriation of profits...
What is Partnership
Meaning of Partnership A partnership is an association between two or more persons who agree...
Provisions applicable in the absence of partnership Deed
Accounting: Partnership Provisions Without Deed Provisions in the Absence of Partnership Deed The provisions of...
Factors in Depreciation calculation
Original Cost of Asset This is the cost of the asset. It is also known...
Objectives for providing depreciation
Show true and fair view of financial statements Financial Statements are made on historical cost...
Meaning of Depreciation
Depreciation is the reduction in the value of an asset due to : normal wear...
Goodwill Accounting on retirement of a partner
The retiring partner is entitled to his share in firms Goodwill as he has also...
Gaining Ratio and Sacrificing Ratio – Difference
DescriptionGaining RatioSacrificing RatioFormula for calculationNew profit Sharing Ratio Less Old Profit Sharing ratioOld profit sharing...
Retirement of a Partner – Meaning and Effects
Retirement of a partner is another form of reconstitution of the firm.. In this case,...
Effects of admission of one or more new partners in a partnership firm
New partner becomes entitled to share future profits of the firm and the profit share...
Admission of a Partner – Adjustments Required
Five types of adjustments are required on the admission of a new partner in a...