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Author: commerceiets

GAINING RATIO

Posted on June 21, 2019 By commerceiets No Comments on GAINING RATIO
GAINING RATIO

MEANING The ratio in which the continuing partners acquire the outgoing partner’s share is called the Gaining Ratio. It is the ratio in which the remaining partners will pay the amount of goodwill to the retiring partner. This ratio is calculated by deducting old share in profits from the new share in profits. WHY GAINING…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

SACRIFICING RATIO

Posted on June 21, 2019 By commerceiets No Comments on SACRIFICING RATIO
SACRIFICING RATIO

MEANING Sacrificing Ratio is the ratio in which old or existing partners forego, i.e., sacrifice their share of profit in favor of the new or incoming partner. This share may be given or sacrificed to the new or incoming partner by all the old partners equally or by all or some of the partners in…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

MEMORANDUM REVALUATION ACCOUNT FORMAT

Posted on June 20, 2019 By commerceiets No Comments on MEMORANDUM REVALUATION ACCOUNT FORMAT
MEMORANDUM REVALUATION ACCOUNT FORMAT

MEMORANDUM REVALUATION ACCOUNT Memorandum Revaluation Account is prepared in case when partners do not want to alter or revise the value of assets and liabilities. It is a Nominal Account. The Memorandum Revaluation Account Format consist of two parts: FIRST PART: In this part, the increase in assets and decrease in liabilities is shown at the…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

REVALUATION ACCOUNT

Posted on June 19, 2019 By commerceiets No Comments on REVALUATION ACCOUNT
REVALUATION ACCOUNT

REVALUATION ACCOUNT Revaluation account is a nominal account. It is prepared in case when partners want to alter or revise the value of assets and liabilities. It is opened with a purpose to ascertain profit or loss occurring due to increase or decrease in assets and liabilities. An increase in the value of assets and…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

DRAWINGS

Posted on June 18, 2019June 9, 2025 By commerceiets
DRAWINGS

DRAWINGS Drawings means the amount withdrawn by partners for their personal use. It may be in the form of cash or kind. These are shown always on the Debit side of the Partner’s Capital Account. It may be out of capital or against profit. Drawing out of capital means withdrawal of part of capital while…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

PARTNER’S CAPITAL ACCOUNTS

Posted on June 17, 2019 By commerceiets No Comments on PARTNER’S CAPITAL ACCOUNTS
PARTNER’S CAPITAL ACCOUNTS

MEANING Capital Account is a personal account for each proprietor. In case of partnership firm there is a separate Capital Account for each partner. The capital contributed by each partner will be credited to the respective Partner’s Capital Accounts. METHODS TO MAINTAIN PARTNER’S CAPITAL ACCOUNT There are basically two methods to maintain Partner’s Capital Accounts…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

PROFIT AND LOSS APPROPRIATION ACCOUNT

Posted on June 16, 2019 By commerceiets No Comments on PROFIT AND LOSS APPROPRIATION ACCOUNT
PROFIT AND LOSS APPROPRIATION ACCOUNT

Profit and loss Appropriation account is an extension of Profit and Loss account. All the appropriations i.e. the distributions payable to the partners as per partnership deed are recorded in this account. This account is credited with the amount of net profit and debited with the amount of net loss. The debit side of this…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

PARTNERSHIP DEED

Posted on June 15, 2019 By commerceiets 1 Comment on PARTNERSHIP DEED
PARTNERSHIP DEED

Partnership Deed is an agreement drafted by the partners that govern the partnership business. Partnership deed may be in oral or writing. But it is preferable to draft the deed in written form so that it can serve as a proof in case of any legal consequences. Partnership deed is a legal document. It is…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

AVERAGE PROFIT VS. SUPER PROFIT

Posted on June 15, 2019 By commerceiets No Comments on AVERAGE PROFIT VS. SUPER PROFIT
AVERAGE PROFIT VS. SUPER PROFIT

AVERAGE PROFIT Average profit is the average of all the agreed profits of past years. It is calculated by dividing the total profits by the number of years. This is the most common method of calculating goodwill. AVERAGE PROFITS= Total Profits/ Number of years A buyer always wants to estimate the future profits of the…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

METHODS TO CALCULATE GOODWILL

Posted on June 14, 2019 By commerceiets No Comments on METHODS TO CALCULATE GOODWILL
METHODS TO CALCULATE GOODWILL

It is very difficult to assess the value of the goodwill, as it is an intangible asset. In case of a sale of a business, its value depends upon the mutual agreement between the seller and the purchaser of the business. Usually there are three methods to calculate goodwill which are as follows: AVERAGE PROFITS…

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12 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

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