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Video tutorials - Accountancy: Accounting for Partnership Firms and Companies - Accounting for Partnership Firms CBSE 12th CBSE (Central Board of Secondary Education)

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Subject  Accountancy
Topic  Accounting for Partnership Firms and Companies - Accounting for Partnership Firms

shaalaa.com | Definition of Partnership and Deed

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Definition of Partnership and Deed [01:03:32]
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Units/Topics

  • Partnership: features, Partnership Deed.
  • Provisions of the Indian Partnership Act 1932 in the absence of partnership deed. Fixed vs Fluctuating capital accounts.
  • Preparation of Profit and Loss Appropriation account- division of profit among partners, guarantee of profits.
  • Past adjustments (relating to interest on capital, interest on drawing, salary and profit sharing ratio).
  • Goodwill: nature, factors affecting and methods of valuation - average profit, super profit and capitalization.
    Scope: Interest on partner's loan is to be treated as a charge against profits.
  • Accounting for Partnership firms - Reconstitution and Dissolution.
  • Change in the Profit Sharing Ratio among the existing partners - sacrificing ratio, gaining ratio, accounting for revaluation of assets and reassessment of liabilities and treatment of reserves and accumulated profits. Preparation of revaluation account and balance sheet.
  • Admission of a partner - effect of admiss on of a partner on change in the profit sharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and re­ assessment of liabilities, treatment of reserves and accumulated profits, adjustment of capital accounts and preparation of balance sheet.
  • Retirement and death of a partner: effect of retirement I death of a partner on change in profit sharing ratio, treatment of goodwill (as per AS 26), treatment for revaluation of assets and reassessment of liabilities, adjustment of accumulated profits and reserves, adjustment of capital accounts and preparation of balance sheet. Preparationofloan account of the retiring partner. Calculation of deceased partner's share of profit till the date of death. Preparation of deceased partner's capital account, executor's account and preparation of balance sheet.
  • Dissolution of a partnership firm: types of dissolution of a firm. Settlement of accounts -preparation of real zation account, and other related accounts: capital accounts of partners and cash/bank a/c (excluding piecemeal distribution, sale to a company andinsolvency of partner(s)).
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