All posts by Asmit Patel - 3. page

Professional Tax Consultant and Article Writer

Types of Shares : According to the Companies (Amendment) Act, 2000, the share capital of a company limited by share, shall be of two kinds only namely: I) Preference Shares […]

Sources of Finance The company raises its finance through internal and external sources Internal Sources : It includes a) Share capital b) Undistributed profits of the companies. External Sources It […]

Characteristics Of Company Accounts : A company has the following essential characteristics: 1) Voluntary Association It is a voluntary association of persons. No law can compel persons to form a company. It […]

Settlement of claim of the retiring partner : The retiring partner is entitled for the amount due to him from the firm. The amount due to the retiring partner is […]

Preparation of Revaluation Account, Capital Accounts, Bank Account and the Balance Sheet of the reconstituted partnership firm : Illustration :  Lalitha, Jothi and Kanaga were partners of a firm sharing profit and […]

Transfer of Undistributed Profit or Loss :   At the time of retirement of a partner, undistributed profit or loss of the old firm should be transferred to all partners’ […]

Transfer of Accumulated Reserve: Any amount kept aside as Reserve, General reserve, Reserve fund, contingency reserve etc., at the time of retirement of a partner, should be transferred to the […]

COMPANY ACCOUNTS : Sole proprietorship is the most common type of business when the size of business is small. Partnership became popular as the size increased. As firms became very […]

Calculation of New Profit sharing ratio and Gaining ratio : 1. Nothing is mentioned about the new ratio If nothing is mentioned about the new ratio, old ratio of the […]

Treatment of Goodwill At the time of retirement of a partner, adjustment for goodwill of the firm, if any, has to be made as in admission. In retirement too, we […]