its my first !
please #follow so that i will make more for all
it is according to class 12 syllabus ! hopefully it will weak students like me ! it contains all fundamentals of partnership firm.
it also usefull in xam times as revision notes!
for more just follow me !
fb@venuankush
class 12 / completeguide
its my first !
please #follow so that i will make more for all
it is according to class 12 syllabus ! hopefully it will weak students like me ! it contains all fundamentals of partnership firm.
it also usefull in xam times as revision notes!
for more just follow me !
fb@venuankush
class 12 / completeguide
SmartPrep's teaching methodology ensures better learning through unique interactive teaching-learning sessions, conducted by our certified & highly qualified faculty members at our state-of-the -art centres spread across Delhi-NCR and other cities of India. SmartPrep has programs in Maths, Science, English, Accountancy and Economics for Classes VII to XII.
IAS-1: Presentation of Financial StatementsAmit Sarkar
IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
Accountancy Comprehensive Project For Class - 12th on Partnership FirmPriyanka Sahu
This slide is about the comprehensive project given to the students of class 12 for their practical examination. this project is strictly based on the CBSE guidelines. This is a format for making the project. Students can choose any of question in partnership firm and can solve it ,
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
SmartPrep's teaching methodology ensures better learning through unique interactive teaching-learning sessions, conducted by our certified & highly qualified faculty members at our state-of-the -art centres spread across Delhi-NCR and other cities of India. SmartPrep has programs in Maths, Science, English, Accountancy and Economics for Classes VII to XII.
SmartPrep's teaching methodology ensures better learning through unique interactive teaching-learning sessions, conducted by our certified & highly qualified faculty members at our state-of-the -art centres spread across Delhi-NCR and other cities of India. SmartPrep has programs in Maths, Science, English, Accountancy and Economics for Classes VII to XII.
IAS-1: Presentation of Financial StatementsAmit Sarkar
IAS 1 Presentation of Financial Statements sets out the overall requirements for financial statements, including how they should be structured, the minimum requirements for their content and overriding concepts such as going concern, the accrual basis of accounting and the current/non-current distinction. The standard requires a complete set of financial statements to comprise a statement of financial position, a statement of profit or loss and other comprehensive income, a statement of changes in equity and a statement of cash flows.
Accountancy Comprehensive Project For Class - 12th on Partnership FirmPriyanka Sahu
This slide is about the comprehensive project given to the students of class 12 for their practical examination. this project is strictly based on the CBSE guidelines. This is a format for making the project. Students can choose any of question in partnership firm and can solve it ,
Objectives & Agenda :
One of the heads of income under the Income Tax Act is Income from House Property. Under this head, incomes earned from house properties are chargeable to tax. The webinar covers the aspects of basis of charging income to tax under this head, nature of house properties taxed under the Act, manner of computing income chargeable to tax under this head, deductions available under this head and eventually judicial precedents pertaining to this head of income.
SmartPrep's teaching methodology ensures better learning through unique interactive teaching-learning sessions, conducted by our certified & highly qualified faculty members at our state-of-the -art centres spread across Delhi-NCR and other cities of India. SmartPrep has programs in Maths, Science, English, Accountancy and Economics for Classes VII to XII.
Equity is the difference between assets and liabilities as shown on a balance sheet. In other words, equity represents the portion of assets that are fully owned by the owners (stockholders, partners, or proprietor) of a business.
Solutions Manual for Advanced Accounting 11th Edition by BeamsZiaPace
Full download : https://downloadlink.org/p/solutions-manual-for-advanced-accounting-11th-edition-by-beams/ Solutions Manual for Advanced Accounting 11th Edition by Beams
Embracing GenAI - A Strategic ImperativePeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
How to Make a Field invisible in Odoo 17Celine George
It is possible to hide or invisible some fields in odoo. Commonly using “invisible” attribute in the field definition to invisible the fields. This slide will show how to make a field invisible in odoo 17.
Introduction to AI for Nonprofits with Tapp NetworkTechSoup
Dive into the world of AI! Experts Jon Hill and Tareq Monaur will guide you through AI's role in enhancing nonprofit websites and basic marketing strategies, making it easy to understand and apply.
Synthetic Fiber Construction in lab .pptxPavel ( NSTU)
Synthetic fiber production is a fascinating and complex field that blends chemistry, engineering, and environmental science. By understanding these aspects, students can gain a comprehensive view of synthetic fiber production, its impact on society and the environment, and the potential for future innovations. Synthetic fibers play a crucial role in modern society, impacting various aspects of daily life, industry, and the environment. ynthetic fibers are integral to modern life, offering a range of benefits from cost-effectiveness and versatility to innovative applications and performance characteristics. While they pose environmental challenges, ongoing research and development aim to create more sustainable and eco-friendly alternatives. Understanding the importance of synthetic fibers helps in appreciating their role in the economy, industry, and daily life, while also emphasizing the need for sustainable practices and innovation.
The French Revolution, which began in 1789, was a period of radical social and political upheaval in France. It marked the decline of absolute monarchies, the rise of secular and democratic republics, and the eventual rise of Napoleon Bonaparte. This revolutionary period is crucial in understanding the transition from feudalism to modernity in Europe.
For more information, visit-www.vavaclasses.com
Francesca Gottschalk - How can education support child empowerment.pptxEduSkills OECD
Francesca Gottschalk from the OECD’s Centre for Educational Research and Innovation presents at the Ask an Expert Webinar: How can education support child empowerment?
Operation “Blue Star” is the only event in the history of Independent India where the state went into war with its own people. Even after about 40 years it is not clear if it was culmination of states anger over people of the region, a political game of power or start of dictatorial chapter in the democratic setup.
The people of Punjab felt alienated from main stream due to denial of their just demands during a long democratic struggle since independence. As it happen all over the word, it led to militant struggle with great loss of lives of military, police and civilian personnel. Killing of Indira Gandhi and massacre of innocent Sikhs in Delhi and other India cities was also associated with this movement.
Welcome to TechSoup New Member Orientation and Q&A (May 2024).pdfTechSoup
In this webinar you will learn how your organization can access TechSoup's wide variety of product discount and donation programs. From hardware to software, we'll give you a tour of the tools available to help your nonprofit with productivity, collaboration, financial management, donor tracking, security, and more.
Model Attribute Check Company Auto PropertyCeline George
In Odoo, the multi-company feature allows you to manage multiple companies within a single Odoo database instance. Each company can have its own configurations while still sharing common resources such as products, customers, and suppliers.
Instructions for Submissions thorugh G- Classroom.pptxJheel Barad
This presentation provides a briefing on how to upload submissions and documents in Google Classroom. It was prepared as part of an orientation for new Sainik School in-service teacher trainees. As a training officer, my goal is to ensure that you are comfortable and proficient with this essential tool for managing assignments and fostering student engagement.
A Strategic Approach: GenAI in EducationPeter Windle
Artificial Intelligence (AI) technologies such as Generative AI, Image Generators and Large Language Models have had a dramatic impact on teaching, learning and assessment over the past 18 months. The most immediate threat AI posed was to Academic Integrity with Higher Education Institutes (HEIs) focusing their efforts on combating the use of GenAI in assessment. Guidelines were developed for staff and students, policies put in place too. Innovative educators have forged paths in the use of Generative AI for teaching, learning and assessments leading to pockets of transformation springing up across HEIs, often with little or no top-down guidance, support or direction.
This Gasta posits a strategic approach to integrating AI into HEIs to prepare staff, students and the curriculum for an evolving world and workplace. We will highlight the advantages of working with these technologies beyond the realm of teaching, learning and assessment by considering prompt engineering skills, industry impact, curriculum changes, and the need for staff upskilling. In contrast, not engaging strategically with Generative AI poses risks, including falling behind peers, missed opportunities and failing to ensure our graduates remain employable. The rapid evolution of AI technologies necessitates a proactive and strategic approach if we are to remain relevant.
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...Levi Shapiro
Letter from the Congress of the United States regarding Anti-Semitism sent June 3rd to MIT President Sally Kornbluth, MIT Corp Chair, Mark Gorenberg
Dear Dr. Kornbluth and Mr. Gorenberg,
The US House of Representatives is deeply concerned by ongoing and pervasive acts of antisemitic
harassment and intimidation at the Massachusetts Institute of Technology (MIT). Failing to act decisively to ensure a safe learning environment for all students would be a grave dereliction of your responsibilities as President of MIT and Chair of the MIT Corporation.
This Congress will not stand idly by and allow an environment hostile to Jewish students to persist. The House believes that your institution is in violation of Title VI of the Civil Rights Act, and the inability or
unwillingness to rectify this violation through action requires accountability.
Postsecondary education is a unique opportunity for students to learn and have their ideas and beliefs challenged. However, universities receiving hundreds of millions of federal funds annually have denied
students that opportunity and have been hijacked to become venues for the promotion of terrorism, antisemitic harassment and intimidation, unlawful encampments, and in some cases, assaults and riots.
The House of Representatives will not countenance the use of federal funds to indoctrinate students into hateful, antisemitic, anti-American supporters of terrorism. Investigations into campus antisemitism by the Committee on Education and the Workforce and the Committee on Ways and Means have been expanded into a Congress-wide probe across all relevant jurisdictions to address this national crisis. The undersigned Committees will conduct oversight into the use of federal funds at MIT and its learning environment under authorities granted to each Committee.
• The Committee on Education and the Workforce has been investigating your institution since December 7, 2023. The Committee has broad jurisdiction over postsecondary education, including its compliance with Title VI of the Civil Rights Act, campus safety concerns over disruptions to the learning environment, and the awarding of federal student aid under the Higher Education Act.
• The Committee on Oversight and Accountability is investigating the sources of funding and other support flowing to groups espousing pro-Hamas propaganda and engaged in antisemitic harassment and intimidation of students. The Committee on Oversight and Accountability is the principal oversight committee of the US House of Representatives and has broad authority to investigate “any matter” at “any time” under House Rule X.
• The Committee on Ways and Means has been investigating several universities since November 15, 2023, when the Committee held a hearing entitled From Ivory Towers to Dark Corners: Investigating the Nexus Between Antisemitism, Tax-Exempt Universities, and Terror Financing. The Committee followed the hearing with letters to those institutions on January 10, 202
June 3, 2024 Anti-Semitism Letter Sent to MIT President Kornbluth and MIT Cor...
Adjustments related to change in profit sharing ratio & past adjustments
1.
2. Like interest on partner’s loan , rent paid to a
partner is also treated as a charge against profit
and not an appropriation out of profit and hence it
should be debited to profit and loss account and
credited to partner’s capital account ( when
capitals are fluctuating ) and credited to partner’s
current account ( when capital is fixed )
RENT PAID TO A PARTNER
3. When the partners of a firm may agree to change
their existing profit sharing ratio, some partners will
gain in future profits while others will lose. In such a
situation, the partner who gains by the change in the
profit sharing ratio must compensate the partner who
has made the sacrifice because this effectively amounts
to one partner buying the share of profits from another
partner.
CHANGE IN PROFIT SHARING RATIO
4. For example, Anu and Benu are partners in a firm
sharing profits in the ratio of 3:2. They decide to have an
equal share in profits in future. In this case, Anu looses
1/l0th (3/5 – 1/2) share of profits and Benu gains this 1/l0th.
Hence, Benu must compensate Anu for her loss in the share of
future profits. The amount of compensation will be equal to
the proportionate amount of goodwill. Suppose, the total value
of goodwill is ascertained as Rs. 50,000/-, then Benu must pay
1/10 of Rs. 50,000/-, i.e. Rs. 5,000 to Anu. Alternatively,
Benu's Capita1 Account be debited by Rs 5,000 and Anu's
Capital Account credited with Rs. 5,000. The entry, thus, will
be :
Benu's Capital a/c Dr. 5,000
Anu's Capital a/c 5,000
ILLUSTRATION
5. If the amount is paid privately by the
gaining partner to the other partner, then no entry is
made in the books of the firm. Apart from the payment
of compensation for goodwill, the change in profit
sharing ratio may also necessitate adjustment in the
partners' capital accounts with regard to reserves,
revaluation of assets and liabilities, etc. These are
similar to those made at the time of the admission or
retirement of a partner.
CHANGE IN PROFIT SHARING
RATIO…………
6. Sometimes, after the final accounts have been
prepared and the partners' capital account are closed, it
is found that certain items have been omitted by mistake
or have been wrongly treated. Such omissions and
commissions usually relate to the interest on capital,
interest on drawings, salary to partners, etc. In such a
situation, necessary adjustments have to be made in the
partners' capital account through an account called
Profit and Loss Adjustment Account. The following
procedure may be helpful in recording necessary
adjustments :
PAST ADJUSTMENTS
7. If, interest on capital is one of the items
of omissions, then first ascertain the
partners' capital at the beginning. This can be
done by deducting partners' share of current
year's profit from their capitals at the end
and adding their drawings thereto.
OMISSION OF INTEREST ON CAPITAL
8. Work out the amounts of omitted items that
are to be credited to partners' capital accounts
such as interest on capital, salaries to partners,
etc. The following journal entry for the
adjustment is recorded :
Profit and Loss Adjustment a/c Dr.
Partners' Capital a/c (individually)
OMISSION OF ITEMS LIKE SALARY,
COMMISSION , ETC.
9. Work out the amounts of omitted items which
are to be debited to Partners' Capital Accounts such
as interest on drawings and record the following
adjustment entry are recorded :
Partners' Capital (individually) a/c Dr.
Profit and Loss Adjustment a/c
OMISSION OF INTEREST ON
DRAWINGS
10. Work out the balance of the Profit
and Loss Adjustment Account. The credit
balance of the Profit and Loss Adjustment
Account reflects the profit and the debit
balance, the loss. This is to be
distributed among the partners.
11. The balance of the Profit and Loss Adjustment
Account as worked out in point 4 above be transferred
to the partners' capital accounts in their profit
sharing ratio. Thus, the Profit and Loss Adjustment
Account will stand closed. It will involve the following
journal entry :
If it is a credit balance (profit)
Profit and Loss Adjustment a/c Dr.
Partners' Capital (individually) a/c
If it is a debit balance (loss)
Partners' Capital (individually) a/c Dr.
Profit and Loss Adjustment a/c
12. Illustration (Past adjustments)
Asha and Bony are partners in a firm sharing profits
equally. Their capital accounts as on December 31, 2000 showed
balances of Rs. 60,000 and Rs. 50,000 respectively. After taking into
account the profits of the year 2000, which amounted to Rs 20,000,
it was subsequently found that the following items have been left
out while preparing the final account of the year ended 2000.
(i) The partners were entitled to interest on capitals @ 6% p.a.
(ii) The drawings of Asha and Bony for the year 2000 were Rs.8,000
and
Rs.6,000 respectively. The interest on drawings was also to be
charged @ 5% p.a.
(iii) Asha was entitled to salary of Rs.5,000 and Bony, a commission
of Rs.2,000 for the whole year.
It was decided to make the necessary adjustments to record
the above omissions. Give the necessary journal entries and prepare
the profit and loss adjustment account and Partners' capital
accounts.
13.
14. Profit and Loss Adjustment Account
for the year ended December 31, 2000
Dr. Cr.
Particulars Amount Particulars Amount
Capital (Interest on capital)
Asha 3,480
Bony 2,760
Asha's capital (Salary)
Bony's capital (Commission )
6,240
5,000
2,000
Capital ( Interest on Drawings )
Asha 200
Bony 150
Capital (Loss on adjustments )
Asha 6,445
Bony 6,445
350
12,890
13,240 13,240
15. Particulars Asha Boney Particulars Asha Boney
To Profit and Loss
Adjustment:
(interest on
Adjustment:
drawings)
To Profit and Loss
Adjustment: (loss
on Adjustment)
To balance c/d
200
6445
61,835
150
6445
48,165
By Balance b/d
By Profit and Loss
(Interest on Profit
and Loss capital)
By Profit and Loss
(Loss on Adjustment
Adjustment) (Salary)
By Profit and Loss
(Loss on Adjustment
Adjustment)(Commission
)
60000
3480
5000
50000
2760
2000
68480 54760 68480 54760
Partner’s Capital Account
for the year ended December 31, 2000
Dr.
Cr.
16. Particulars Asha Bony
Amount credited
(Interest on capital, salary and commission)
8,480 4,760
Amount debited
(Interest on drawings and share of loss)
6,645 6,595
Total Cr. 1,835 Dr. 1,835
Analysis Table
Direct Adjustment Journal Entry
Bony's Capital a/c Dr. 1,835
Asha's Capital a/c 1,835
17. Particulars Asha Boney Particulars Asha Boney
To Asha’s Capital
To Balance b/d 61835
1835
48165
By Balance b/d
By Bony’s Capital
60000
1835
50000
61835 50000 61835 50000
After recording the adjustment entry ,
the partners’ capital account will be like
this;
Partner’s Capital Account
for the year ended December 31, 2000
Dr. Cr.