Accounts - Part III
Description: An agreement between individuals sharing profits, responsibilities, and liabilities in a business venture collaboratively.
Description: A business structure combining partnership benefits with limited liability for partners, offering legal and financial protections.
Description: Capital accounts classified as fixed or fluctuating based on adjustments for withdrawals, profits, or interest.
Description: Methods include Average Profit, Super Profit, Capitalization, and Replacement Cost methods for valuation accuracy.
Description: Goodwill is recorded as intangible asset, amortized over years, and written off against reserves or profits.
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Description: Gaining ratio is the ratio in which continuing partners acquire the retiring partner's share of profits.
Description: Reserve is a portion of profits set aside for future contingencies, expansion, or unforeseen events.
Description: Final payment includes the retiring partner's share of assets, liabilities, goodwill, and accumulated profits.
Description: A joint life policy insures multiple partners, providing benefits upon the death of any partner.
Description: Outgoing partner has the right to claim their share of capital, profits, and goodwill upon retirement.
Description: Special transactions involve agreements or adjustments like capital revaluation, bonus issues, or asset redistribution.
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Board:
Stream:
Standard:
Course: CA Foundation
Know More
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Board:
Stream:
Standard:
Course: CA Foundation
Know More
Board:
Stream:
Standard:
Course: CA Foundation
Know More.png)
