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TREATMENT OF WORKMEN COMPENSATION RESERVE
Jun23July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

TREATMENT OF WORKMEN COMPENSATION RESERVE

WHAT IS WORKMEN COMPENSATION RESERVE Workmen Compensation Reserve is a reserve created out of firm’s profits to meet possible liability…

TREATMENT OF GOODWILL ON ADMISSION OF PARTNER
Jun22July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

TREATMENT OF GOODWILL ON ADMISSION OF PARTNER

TREATMENT OF GOODWILL ON ADMISSION OF PARTNER Goodwill is an intangible asset which enables a firm to earn higher profit…

DIFFERENCE B/W GAINING & SACRIFICING RATIO
Jun21July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

DIFFERENCE B/W GAINING & SACRIFICING RATIO

DIFFERENCE B/W GAINING & SACRIFICING RATIO Before understanding the difference between Gaining & Sacrificing Ratio, one must learn the meaning…

GAINING RATIO
Jun21July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

GAINING RATIO

MEANING The ratio in which the continuing partners acquire the outgoing partner’s share is called the Gaining Ratio. It is…

SACRIFICING RATIO
Jun21July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

SACRIFICING RATIO

MEANING Sacrificing Ratio is the ratio in which old or existing partners forego, i.e., sacrifice their share of profit in…

MEMORANDUM REVALUATION ACCOUNT FORMAT
Jun20July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

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…

REVALUATION ACCOUNT
Jun19July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

REVALUATION ACCOUNT

REVALUATION ACCOUNT Revaluation account is a nominal account. It is prepared in case when partners want to alter or revise…

DRAWINGS
Jun18July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

DRAWINGS

DRAWINGS Drawings means the amount withdrawn by partners for their personal use. It may be in the form of cash…

PARTNER’S CAPITAL ACCOUNTS
Jun17July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP 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…

PROFIT AND LOSS APPROPRIATION ACCOUNT
Jun16July 8, 2019+2 ACCOUNTANCY, PARTNERSHIP ACCOUNTS

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…

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