1. Partnership

Sections

Navigate through the learning materials and practice exercises.

1. 1

   Partnership Accounts

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   Partnership accounts focus on how business ownership aligns with profit...

2. 1.1

   Introduction

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   This section lays the foundation of partnership accounts, detailing the...

3. 1.2

   A. Fundamentals Of Partnership

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4. 1.2.1

   Key Features Of Partnership

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   Partnerships involve multiple individuals managing a business with defined...

5. 1.2.2

   Provisions In The Absence Of Partnership Deed (As Per Indian Partnership Act, 1932)

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   This section outlines the default provisions that govern partnerships in the...

6. 1.2.3

   Accounting Aspects

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   The section outlines essential accounting mechanisms within partnership...

7. 1.3

   B. Goodwill

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8. 1.3.1

   Meaning

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   The section explains the concept of partnership and its key characteristics.

9. 1.3.2

   Need For Valuation Of Goodwill

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   Valuation of goodwill is essential during key partnership changes like...

10. 1.3.3

    Methods Of Valuation

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    This section outlines the various methods of valuing goodwill in a partnership.

11. 1.4

    C. Reconstitution Of Partnership

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12. 1.4.1

    I. Admission Of A Partner

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    The section discusses the admission of a partner in a partnership firm,...

13. 1.4.1.1

    Reasons For Admission

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    The section discusses the various reasons for admitting new partners into a...

14. 1.4.1.2

    Accounting Adjustments On Admission

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    This section discusses the necessary accounting adjustments required when a...

15. 1.4.1.3

    Capital Accounts Adjustment

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    This section outlines the adjustments made to capital accounts in...

16. 1.4.2

    Ii. Retirement Of A Partner

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17. 1.4.2.1

    Reasons For Retirement

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    This section outlines the various reasons a partner may choose to retire...

18. 1.4.2.2

    Accounting Adjustments

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    This section discusses the adjustments required in accounting for...

19. 1.4.3

    Iii. Dissolution Of A Partnership Firm

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    This section discusses the dissolution of a partnership firm, covering the...

20. 1.4.3.1

    Dissolution Vs. Retirement

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    This section distinguishes between the concepts of dissolution and...

21. 1.4.3.2

    Modes Of Dissolution

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    This section outlines the different modes of dissolving a partnership,...

22. 1.4.3.3

    Settlement Of Accounts (As Per Section 48 Of Partnership Act)

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    This section outlines the procedures for settling accounts between partners...

23. 1.4.3.4

    Preparation Of Accounts

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    This section outlines the fundamental preparation of accounts in...

24. 1.5

    Summary

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    This section summarizes the key aspects of partnership accounts, including...