Past adjustments in partnership firm means adjusting partners' capital or current account balances due to rectification of past errors and omissions that was not in accordance with the partnership deed....
As we know the golden rule of accountancy includes three accounts, which are used to make journal entries. 1. Personal A/C Debit the receiver credit the giver 2. Real A/C Debit what comes in Credit...
Guarantee of specific profits to a partner by the firm or any one or more partners is to attract a qualified professional into partnership to capitalize his/her skills or reputation earned by him/her...
Stock valuation is a cumbersome process. A business can adopt numerous methods of valuation of stock viz , FIFO, LIFO, AVERAGE, WEIGHTED AVERAGE, etc Irrespective of the usage of various method of...
PSR refers to profit sharing ratio agreed amongst partners of a firm in order to share the profits and losses of the firm. Any chance in PSR will result in reconstitution of partnership and thus require...