The document discusses key aspects of partnership agreements in India according to the Indian Partnership Act of 1932. It defines a partnership as an agreement between persons to share profits of a business carried on by them. A partnership is typically established through a written partnership deed, which outlines important terms like the name and addresses of partners, capital contributions, profit sharing ratios, and interest rates. In the absence of a partnership deed, default rules apply for items like equal profit sharing, no interest on capital or drawings, and no partner salaries unless otherwise agreed.
Notes on partnership accounting excellent for CPAs, Accounting, Finance and students taking introductory accounting classes. Notes are brief, clear and simple to understand.
Notes on partnership accounting excellent for CPAs, Accounting, Finance and students taking introductory accounting classes. Notes are brief, clear and simple to understand.
its my first !
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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 !
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class 12 / completeguide
As 5 Net Profit & Loss for the Prior Period Items and Changes in Accounting P...ram jangir
Here is Details study on Accounting Standard 5(AS-5) i.e. Net Profit & Loss for the Prior Period Items and Changes in Accounting Policy with amazing visual effects. Power Point Presentation on Accounting Standard 5
Partnerships generally are associated with the practice of law, medicine, public accounting and other professions, and also with small business enterprises
Hi friends,
It may be usefull for understanding the AS 14 and if any changes or clarifications required contact with email ID given belove - venki143b@gmail.com
Thanks & Regards
VENKANNA SETTY
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
As 5 Net Profit & Loss for the Prior Period Items and Changes in Accounting P...ram jangir
Here is Details study on Accounting Standard 5(AS-5) i.e. Net Profit & Loss for the Prior Period Items and Changes in Accounting Policy with amazing visual effects. Power Point Presentation on Accounting Standard 5
Partnerships generally are associated with the practice of law, medicine, public accounting and other professions, and also with small business enterprises
Hi friends,
It may be usefull for understanding the AS 14 and if any changes or clarifications required contact with email ID given belove - venki143b@gmail.com
Thanks & Regards
VENKANNA SETTY
Intermediate Accounting is also known in other universities and other programmes like Bachelor of Business Administration and Bachelor of Science in Accounting as Accounting II.Intermediate Accounting is done by students of Bachelor of Commerce of Makerere University.
Detailed PPT on " Partnership act,1932" with all types,advantages,disadvantages, all important acts and position of Minor 's along with all required diagrams.
Partnership Accounts: Introduction, Meaning, Definition, Characteristics, Contents of the Partnership Deed, Nature of the Partnership Accounts, Specimen of Capital Accounts, etc.
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.
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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.
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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.
Read| The latest issue of The Challenger is here! We are thrilled to announce that our school paper has qualified for the NATIONAL SCHOOLS PRESS CONFERENCE (NSPC) 2024. Thank you for your unwavering support and trust. Dive into the stories that made us stand out!
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.
1. According to Indian partnership Act 1932:-
“Partnership is the relation between
persons who have agreed to share the
profits of a business carried on by all or any
of them acting for all.”
What is Partnership
2. Partnership is established by an
oral or written agreement. It is
better to have agreement in
writing to avoid any dispute.
This written document is known
as PARTNERSHIP DEED.
It is a legal document signed by
all partners and has clauses.
Partnership Deed
3. Contents of a partnership deed:
A partnership deed deals with the following matters:
Name and address of the partnership firm.
Names and addresses of the partners.
Nature of the business proposed by the firm.
Amount of capital to be contributed by each partner.
The profit sharing ratio among partners.
Duration of partnership, if any.
Amount, which can be withdrawn by each partner.
Amount of salary or commission payable to any partner for his
services to the firm.
Rate of interest allowed to the partners on their capital.
Rate of interest to be paid on drawings by the partners.
4. RULES APPLICABLE IN THE ABSENCE
OF PARTNERSHIP DEED
1. Profit sharing Ratio : Profits and losses would be shared equally
among partners.
2. Interest on capital : No interest on capital would be allowed to
partners. If there is an agreement to allow interest on capital it is
to be allowed only in case of profits.
3. Interest on drawings: No interest on drawings would be charged
from partners.
4. Salary: No salary or commission is to be allowed to partners.
5. Interest on Loan : If a partner has provided any Loan to the firm,
he would be paid Interest at the rate 6% p.a. This interest on loan
is a charge against profits i.e. it is to be allowed even if there are
losses to the firm.
6. Admission of a new partner: A new Partner can be admitted only
with the consent of all the existing partners.
5. Profit and Loss Appropriation
Account
Profit and Loss Appropriation
Account Is Thus an extension of
the profit and loss account. IN
case Of partnership firm it is an
account showing distribution of
profit among partners as per
partnership deed.
6. Interest on Drawings
Interest on drawings represent the interest
charged on drawings made by the partners
according to the partnership deed.
This interest is not a business income or gain.
Rather it forms part of the distributable
income. It is treated just opposite to interest
on capital.
7. Difference between P&L A/c and P&L Appropriation A/c
Profit and Loss Account Profit and Loss Appropriation
Account
It is prepared after the preparation of
Trading A/c.
It is prepared by all the business
concerns.
This account does not have opening
and closing balance of profit.
It is prepared after the preparation of
Profit and Loss A/c.
It is prepared by partnership firms
and companies.
This account may have both opening
as well as closing balance.
8. Interest on capital
Interest on capital is allowed to a
partner to compensate for
contributing capital to the firm in
excess of the profit sharing ratio.
Interest on capital is computed on
the opening balance of the partner’s
firm.