
	Trending ▼ ICSE CBSE 10th ISC CBSE 12th CTET GATE UGC NET Vestibulares ResFinder

ISC Class XII Notes 2024 : Accounts Mind Maps

12 pages, 11 questions, 0 questions with responses, 0 total responses,

Yay Ig
Stanes ICSE School, Coimbatore
XII Commerce

+Fave Message

Profile Timeline Uploads

Home > immacry >

Formatting page ...

Interest on drawings Profits of the partners Interest on capital Salary and commission Transfer of profits to general reserve Loss of the partners Capital accounts remain fixed. All the entries to be made in partners' current accounts. Capital Account of Partners gC api tal M eth od First Level Second Level Trace the Mind Map Third Level All the entries to be made in capital accounts of partners. Only one account is maintained for each partner i.e., Capital Account. Fluctuat in Guarantee can be given by a partner Guarantee can be given by all the partners Association of two or more persons Lawful business is allowed Agreement may be oral or written Sharing of profits and losses Unlimited liability of partners Business can be carried on by all or any one acting for all "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". Section 4 of Indian Partnership Act, 1932 Past adjustments are required to be done to rectify the following commissions and errors while recording a transaction : Salary paid to the partners Interest on drawings Interest on capital Commission paid to the partners Interest on partner's loan res Featu n Guarantee of Profits Partnership Past Adjustments Fundamentals of Partnership Preparation of Account Profit & Loss Appropriation Account (It shows how the profits are distributed among partners) Profits to be shared equally No interest on capital to be paid No interest on drawings to be charged Interest on partners' loan @ 6 % p.a. Salary, commission, etc. not to be paid to partners If a partner derives any profit from any transaction of the firm then he should pay profit to the firm If the partner carries on the business of same nature then he or she needs to pay profit to the firm i ng Mea n Partnership Deed o D e fin iti The document which contains the terms of agreement between the partners is called a Partnership deed. Name and address of the firm and its main business Name and address of all partners Amount of capital contributed by each partner Principal Place of Business Rights and Duties of Partners Duration of Partnership Accounting period and date of commencement of the partnership Nature of business Interest on capital Interest on drawings Profit sharing ratio Methods of settlement of disputes among partners Oswaal ISC Mind Maps, ACCOUNTS, Class-XII 1

Formatting page ...

immacry chat

Horizontal lines at:
Guest Horizontal lines at:
AutoRM Data:
Box geometries: