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Special Aspects of Final Accounts of Partnership
B's Capital Account
Illustration 1.09
Profit and Loss Adjustment Account
Net Monthly Balances in Capital accounts of A & B
Net Monthly Balances in Capital Accounts of A & B
A's Capital Account
1. Revaluation of Assets and Liabilities
What is the purpose of revaluation?
Examples of ratio calculations on reconstitution by admission
The entire sacrifice is made by one partner
Shortcut to calculate sacrificing ratio and gaining ratio
a. Old and new ratios are given
Answer i (using ratios)
4. Accounting for Goodwill
Accounting Treatment of Goodwill on Admission
Difference between
Premium Method and Revaluation Method
Premium Method
Revaluation Method
Capital Accounts
Memorandum Revaluation Account
Liabilities Amount Assets Amount
Balance Sheet
(Margin Adjustment)
Journal entries
JLP Premium Account
Insurance Claim Account
Joint Life Policy Account
JLP Reserve Account
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3 Partnership Accounts

3 Partnership Accounts

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Published by: Kamalendu Purkayastha on Apr 25, 2012
Copyright:Attribution Non-commercial

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