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Book 1 Unit 1: Accounting for Partnership Firms- Fundamentals
- 1.1 Definition of Partnership and it’s essential features
- 1.2 Rights of Partners
- 1.3 Partnership Deed, it’s elements and importance
- 1.4 Provisions affecting accounting treatment in absence of Partnership Deed
- 1.5 Distribution of Net Profit through P and L Appropriation account under the heads – Salary, Commission, Interest on Capital, Divisible Profit, Interest on Drawings. Accounting Details of each element of Profit and Loss Appropriation account
- 1.6 Methods of Preparation of capital accounts for partners
- 1.7 Journal Entries relating to Profit and Loss Appropriation account and Capital accounts
- 1.8 Interest on partner’s loan
- 1.9 Past Adjustments
- 1.10 Guarantee by Firm to Partner and by Partner to Firm
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Book 1 Unit 2: Goodwill: Nature and Valuation
- 2.1 Meaning of Goodwill, it’s features and nature
- 2.2 Need for valuing Goodwill and Factors affecting it
- 2.3 Classification of Goodwill
- 2.4.1 Methods of valuation of Goodwill: Average Profit Method
- 2.4.2 Methods of valuation of Goodwill: Super Profit Method
- 2.4.3 Methods of valuation of Goodwill: Capitalisation Method
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Book 1 Unit 3: Change in Profit-Sharing Ratio among the Existing Partners
- 3.1 The Concept of Reconstitution
- 3.2 Meaning of Change in Profit Sharing Ratio among the Existing Partners
- 3.3 Sacrificing Ratio and Gaining Ratio
- 3.4 Accounting Treatment of Goodwill
- 3.5 Accounting Treatment of Reserves, Accumulated Profits and Losses
- 3.6 Revaluation of Assets and Liabilities
- 3.7 Preparation of the Balance Sheet of the Reconstituted Firm
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Book 1 Unit 4: Admission of a Partner
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