CONTENTS

Chapter 1 1.1 1.2 1.3 1.4 1.5 1.6 1.7 1.8 Chapter 2 2.1 2.2 2.3 2.4 2.5 2.6 2.7 2.8 Chapter 3 3.1 3.2 3.3 3.4 3.5 3.6 3.7 3.8 3.9

Foreword Accounting for Not-for-Profit Organisation

Meaning and Characteristics of Not-for-Profit Organisation Accounting Records of Not-for-Profit Organisations Receipt and Payment Account Income and Expenditure Account Balance Sheet Some Peculiar Items Income and Expenditure Account based on Trial Balance Incidental Trading Activity Accounting for Partnership : Basic Concepts Nature of Partnership Partnership Deed Special Aspects of Partnership Accounts Maintenance of Capital Accounts of Partners Distribution of Profit among Partners Guarantee of Profit to a Partner Past Adjustments Final Accounts Reconstitution of a Partnership Firm Admission of a Partner Modes of Reconstitution of a Partnership Firm Admission of a New Partner New Profit Sharing Ratio Sacrificing Ratio Goodwill Adjustment for Accumulated Profits and Losses Revaluation of Assets and Reassessment of Liabilities Adjustment of Capitals Change in Profit Sharing Ratio among the Existing Partners

iii 1
1 2 4 12 17 21 38 40 64 64 66 68 68 73 88 93 95 115 115 116 117 119 122 144 145 151 161

viii
Chapter 4 4.1 4.2 4.3 4.4 4.5 4.6 4.7 4.8 4.9 Chapter 5 5.1 5.2 5.3 5.4 Reconstitution of a Partnership Firm Retirement/Death of a Partner Ascertaining the Amount Due to Retiring/Deceased Partner New Profit Sharing Ratio Gaining Ratio Treatment of Goodwill Adjustment for Revaluation of Assets and Liabilities Adjustment of Accumulated Profits and Losses Disposal of Amount Due to Retiring Partner Adjustment of Partners Capital Death of a Partner Dissolution of Partnership Firm Dissolution of Partnership Dissolution of a Firm Settlement of Accounts Accounting Treatment 176 176 177 178 182 192 194 195 204 210 226 226 227 229 230