Definition of Partnership – Partnership deed – Rules applicable in the absence of Partnership deed – Necessary adjustments in accounts – Interest on Capital – Interest on Drawings – Partner’s salary or commission
Calculation of new profit-sharing ratio and sacrificing ratio - Accounting treatment of Goodwill - Accounting treatment of accumulated profit, reserves and accumulated loss - Accounting treatment of revaluation of assets and reassessment of liabilities - Adjustment of capital in new profit sharing ratio.
Ascertaining the Amount Due to Retiring / Deceased Partner - Gaining Ratio - Treatment of Goodwill - Adjustment for Revaluation of Assets and Liabilities - Adjustment of Accumulated Profits and Losses - Disposal of Amount Due to Retiring Partner - Adjustment of Partner’s Capital
Mode of Payment - Treatment of Reserves, Accumulated Profits and Accumulated Losses in the Case of Death of a Partner Joint Life Policy: Premium Method - Surrender Value Method - Joint Life Policy Reserve Method
Dissolution of partnership. Garner v/s Murray rule - - Piecemeal Distribution, Insolvency of firm: Statement of Affairs as on date of order and Deficiency Account.
Reference Book:
1.Financial Accounting – R.L. Gupta and Radhasamy, (2019), ISBN:81-8054732-4 –Sultan Chand & Sons 2.Advanced Accountancy – S.P.Jain and Narang, 22nd Edition/Revision 2019, ISBN:13:9789353593674, Kalyan Publishers 3.Financial Accounting – T.S.Grawel, (2019), ISBN:10:8194047749, Sultan Chand & Sons
Text Book:
1.Financial Accounting - Reddy and Murthy, (2019), ISBN: 13:9789381430682 - Margham Publications, Chennai