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Introduction to Partnership
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Meaning and definition.
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The Indian partnership 1932
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Methods of capital acco.
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Fixed Capital Method.
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Fluctuating Capital Method
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Partnership Final Accounts
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Introduction and Necessity of preparation of Final Accounts with the following adjustments.
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Closing stockLecture8.1
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Outstanding expensesLecture8.2
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Prepaid expensesLecture8.3
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Income received in advanceLecture8.4
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Income receivableLecture8.5
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Bad debtsLecture8.6
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Provision for doubtful debtsLecture8.7
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Reserve for a discount on debtors and creditorsLecture8.8
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DepreciationLecture8.9
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Interest on capital, drawings, and loansLecture8.10
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Interest on investment and loansLecture8.11
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Goods destroyed by fire/ accident (insured / uninsured)Lecture8.12
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Goods were stolenLecture8.13
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Goods distributed as free samplesLecture8.14
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Goods withdrawn by partnersLecture8.15
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Unrecorded purchases and salesLecture8.16
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Capital expenditure included in revenue expenses and vice-versaLecture8.17
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Bills Receivable dishonouredLecture8.18
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Bills payable dishonouredLecture8.19
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Deferred expensesLecture8.20
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Capital receipts included in revenue. Receipts and vice-versaLecture8.21
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Commission to working partner/ Managers on the basis of Gross profit, Net profit, sales, etc.Lecture8.22
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Reconstitution of Partnership
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Meaning and different ways of reconstitution
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Admission of a partner
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Meaning and Need
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Capital brought by a new partner
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New profit sharing ratio
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Sacrifice ratio
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Goodwill – Meaning, Methods of valuation and treatment of goodwill.
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Average profit method
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Super profit method
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Adjustment of accumulated profits and losses.
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Revaluation of assets and liabilities
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Adjustment of capitals
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Retirement / Death of a partner
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Meaning, need
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New ratio
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Gain ratio
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Treatment of goodwill
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Adjustment of accumulated profits and losses
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Revaluation of assets and liabilities
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Adjustment of capital
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Amount due to retiring partner Death of partner
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Dissolution of Partnership Firm Simple dissolution,
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Dissolution under Insolvency situation
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Accounts of Not for Profit concerns Introduction, meaning, and features of Not for Profit concerns.
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Preparation of Income and Expenditure Account and Balance Sheet with the following a) Additional Information Outstanding expenses and prepaid expenses of the current and previous year Accrued income and income received in advance Subscription received in advance and Subscription outstanding of the current and previous year Depreciation The capitalization of entrance fees. Creation of special funds out of donations Stock of stationery Opening balances of assets and liabilitiesLecture33.1
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Important Items: Entrance fees, Subscriptions, Legacy, life membership fees, Sale of old assets, Scrap, Newspapers, Specific donation, General Donations, Specific Funds, Endowment fundLecture33.2
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Receipts and Payments Account meaning and features. The distinction between Income and Expenditure account.
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Single entry system
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IntroductionLecture35.1
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Meaning of single entry system.Lecture35.2
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Difference between single entry and the double-entry system.Lecture35.3
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Preparation of statementsLecture35.4
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Additional information.Lecture35.5
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DrawingsLecture35.6
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Depreciation on fixed AssetLecture35.7
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Bad DebtsLecture35.8
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Reserve for Doubtful DebtsLecture35.9
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Undervaluation and Overvaluation of Assets and LiabilitiesLecture35.10
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Interest on loanLecture35.11
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Interest on capitalLecture35.12
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Interest on DrawingsLecture35.13
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Partners salaryLecture35.14
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Outstanding / Unpaid expensesLecture35.15
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Prepaid Expenses/ Expenses paid in advance.Lecture35.16
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Bill of Exchange (Only Trade Bill) Introduction, necessity, Meaning, Definition of Bill of ExchangeLecture35.17
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Draft/format of Bills, Parties to the Bill of Exchange, Acceptance of Bill, Terms of Bill, Days of Grace, Date of maturity, Due Date, Types of BillLecture35.18
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Honouring of Bill, Dishonour of Bill, Noting and Protesting of Bill, Notary Public and Noting ChargesLecture35.19
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Accounting Treatment of Bill by the Drawer/HoldLecture35.20
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