Introduction to Partnership Firm: Partnership – Meaning - Partnership Deed - Fixed v/s FluctuatingCapital - Division of Profit among Partners - Past adjustments and Guarantee of Profits - Accounting for joint life policy.

Capital Accounts: Capital Accounts - Accounting Treatment of the following in the absence of Partnership Deed. a) Distribution of Profits b) Interest on Partner’s Loans c) Interest on Capital and Drawings d) Salary and Commission of Partner – Preparation of Profit and Loss Appropriation Account and Final Account

Admission of Partner: 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: 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 A/c’s and Balance Sheet.

Dissolution of Partner: Dissolution - Insolvency of Partners- Garner Vs Murray- Insolvency of all Partners - Deficiency A/c - Piecemeal Distribution - Proportionate Capital Method only.