When a partner retires from the firm, the firm is reconstituted. The firm continues its business with a change in the profit-sharing ratio. The account… Read More
Tag Archives: Journal Entries
Accumulated profit refers to a part of the firm’s net profit that is preserved by the firm for future growth. It is also known as… Read More
On the death of a partner, the partnership comes to end. The death of a partner does not mean the firm comes to an end… Read More
What is Revaluation of Assets and Liabilities? The value of Assets and Liabilities undergoes a change with the passage of time due to many reasons,… Read More
What is Redemption of Debentures? Repayment of debentures to the debenture holders or discharge of the liability on account of debentures is known as the… Read More
What is Redemption of Debentures? Repayment of debentures to the debenture holders or discharge of the liability on account of debentures is known as the… Read More
What is Investment Fluctuation Fund? A reserve that is created out of profit to meet the change in the market value of the investment is… Read More
What is Redemption of Debentures? Repayment of debentures to the debenture holders or discharge of the liability on account of debentures is known as the… Read More
What is Redemption of Debentures? Repayment of debentures to the debenture holders or discharge of the liability on account of debentures is known as the… Read More
After making all the adjustments related to the partners, the balance due to the deceased partner is transferred to his/her executor’s account. This amount is… Read More
What is Joint Life Policy? Joint Life Policy like any other life policy gives coverage against the death of the policyholder, however, under Joint Life… Read More
The value of Assets and Liabilities undergoes a change with the passage of time due to many reasons, like regular wear and tear, appreciation in… Read More
Similar to the case of retirement, the Executor of the deceased partner is entitled to receive the interest on capital up to the date of… Read More
What is Journal Proper? Journal Proper is the book that is maintained to record those transactions which are not recorded in the special books. Transactions… Read More
Each business wants to know the operating results (profits) from its operations. The last step of the accounting cycle is to analyse the Gross Profit… Read More
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