Meaning – Characteristics – Objectives – Causes - Methods of computation - Accounting treatment of depreciation - Change in depreciation methods.

Consignments: Meaning - Features of consignment business - Difference between sale and consignment - Accounting treatments for consignment transactions and events in the books of consignor and consignee. Joint Ventures for non-corporate entities: Meaning - Features of joint venture transactions - Distinction between joint venture and partnership - Methods of maintaining joint venture accounts

Sale of goods on approval or return basis: Meaning of goods sent on approval or return basis and accounting treatment. Royalty accounts: Meaning of the term “Royalty” - Accounting Treatment

Admission of Partner - Calculation of ratios for distribution of profits - Revaluation of Assets and Liabilities. Goodwill: Meaning, Valuation and its recording - Adjustments in Partners’ capital A/c - Preparation of Revaluation A/c - Partner’s Capital A/c and Balance Sheet

Retirement and Death of a Partner - Calculation of New Profit sharing ratio - Calculation of Gaining ratio - Treatment of goodwill - Revaluation of assets and liabilities - Adjustments regarding Partners Capital Account - Calculation of profit upto the date of death of a partner - Preparation of Relevant Accounts.