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Reconstitution of a Partnership Firm — Admission of a Partner

Reconstitution of a Partnership Firm — Admission of a Partner 1. Introduction Reconstitution of a partnership firm occurs when there is a change in the existing agreement among the partners.…

July 8, 2024No Comments

Accounts

Accounting for Partnership: Basic Concepts

Accounting for Partnership: Basic Concepts 1. Introduction to Partnership A partnership is a form of business organization where two or more individuals come together to share the profits and losses…

July 8, 2024No Comments

Accounts

Accounting for Not-for-Profit Organizations

Accounting for Not-for-Profit Organizations 1. Introduction Not-for-profit organizations (NPOs) are entities that exist for purposes other than making a profit. Their primary aim is to provide services or support for…

July 8, 2024No Comments

Accounts

Applications of Computers in Accounting

1. Introduction The use of computers in accounting has revolutionized the way financial information is recorded, processed, and reported. Computerized accounting systems provide accuracy, efficiency, and the ability to handle…

July 7, 2024No Comments

Accounts

Accounts from Incomplete Records

1. Introduction Incomplete records refer to a system of accounting where not all transactions are recorded using the double-entry system. This method is often adopted by small businesses due to…

July 7, 2024No Comments

Accounts

Financial Statements – II

Financial Statements - II 1. Introduction Financial Statements II focuses on the preparation of financial statements for sole proprietors and understanding their importance. This chapter builds upon the concepts covered…

July 7, 2024No Comments

Accounts

Financial Statements – I

Financial Statements - I 1. Introduction to Financial Statements Definition: Financial Statements are formal records of the financial activities and position of a business, person, or other entity. Purpose of…

July 7, 2024No Comments

Accounts

Depreciation, Provisions, and Reserves

Depreciation, Provisions, and Reserves 1. Depreciation Definition: Depreciation is the systematic allocation of the cost of a tangible fixed asset over its useful life. It represents the decrease in the…

July 7, 2024No Comments

Accounts

Trial Balance and Rectification of Errors

Trial Balance and Rectification of Errors 1. Trial Balance Definition: A Trial Balance is a statement that lists all the ledger accounts and their balances (debit or credit) at a…

July 7, 2024No Comments

Accounts

Bank Reconciliation Statement

Bank Reconciliation Statement 1. Introduction A Bank Reconciliation Statement (BRS) is a document that reconciles the bank balance as per the Cash Book with the balance as per the Bank…

July 7, 2024No Comments

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