Account Sales

Account Sales

Account Sales This is a statement supplied by an agent or a consignee who sells goods on behalf of the consignor. It is a report…
Guarantee of Minimum Profit to a New Partner

Guarantee of Minimum Profit to a New Partner

Guarantee of Minimum Profit to a New Partner A guarantee means the surety of a particular amount of profits by one or more partners and…
Ascertainment of Due Amount to Outgoing Partners in Retirement of Partner

Ascertainment of Due Amount to Outgoing Partners in Retirement of Partner

Ascertainment of Due Amount to the Outgoing Partners in terms of Retirement of a Partner The retirement of a partner extinguishes his interest in the…
Adjustment of Capital in terms of Retirement of a Partner

Adjustment of Capital in terms of Retirement of a Partner

Adjustment of Capital in terms of Retirement of a Partner When a partner retires from the business and if he is to be paid off…
Adjustment Regarding Goodwill in Retirement of a Partner

Adjustment Regarding Goodwill in Retirement of a Partner

Adjustment Regarding Goodwill in terms of Retirement of a Partner The concept of goodwill can be understood on the basis of its operational significance. The valuation…
Adjustment regarding undistributed Profits and Losses in Retirement of Partner

Adjustment regarding undistributed Profits and Losses in Retirement of Partner

Adjustment regarding undistributed Profits and Losses in terms of Retirement of a Partner Any reserves or accumulated profits/losses appearing on the balance sheet should be…
Revaluation of Assets and Liabilities in Retirement of a Partner

Revaluation of Assets and Liabilities in Retirement of a Partner

Revaluation of Assets and Liabilities in terms of Retirement of a Partner The retiring partner has the right to share the increase or decrease in…
Calculation of New Profit Sharing Ratio in Retirement of a Partner

Calculation of New Profit Sharing Ratio in Retirement of a Partner

Calculation of New Profit Sharing Ratio in terms of Retirement of a Partner When somebody left the firm, his share which left to the firm…
Concept of Retirement of a Partner

Concept of Retirement of a Partner

Concept of Retirement of a Partner One major change in the constitution of a partnership firm may occur if a partner undergoes retirement from the…
Conversion of Partnership Company to Limited Company

Conversion of Partnership Company to Limited Company

Conversion of Partnership Company to Limited Company Often, a partnership firm converts itself into a joint-stock limited company or sells its business to an existing…
Cost Reconciliation Statement

Cost Reconciliation Statement

Cost Reconciliation Statement A manufacturing concern may adopt either an Integrated Accounting System or Non- Integral Accounting System. It is a statement recording the profit…
Reasons for difference in Profit or Loss between Cost and Financial Account

Reasons for difference in Profit or Loss between Cost and Financial Account

Reasons for the difference in Profits or Losses between Cost and Financial Account The profit or loss shown by the cost books differs from profit…
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