SECTION 39 TO 55 of the partnership Act, 1932 contains the provisions of dissolution
Thursday, 1 December 2016
A3 Ascertaining the amount due to the retiring / deceased partner
The total amount payable comprises the following:
1. Capital Account Balance
2.Interest on Capital and salary, if any upto the date of retirement/death
3.Share of accumulated profits/losses.
4.Share of Profit/loss on revaluation
5.Share of Good will
6.Share of profit/loss for the current period, i.e from the date of last preparation of final accounts to the date of retirement/death.
1. Capital Account Balance
2.Interest on Capital and salary, if any upto the date of retirement/death
3.Share of accumulated profits/losses.
4.Share of Profit/loss on revaluation
5.Share of Good will
6.Share of profit/loss for the current period, i.e from the date of last preparation of final accounts to the date of retirement/death.
A3 Fixed and current Capital method
Capital acct as well as current accounts of the partners are maintained to show the amount of the capital contributed by the partners. Current acct show other items like drawings interest on capital etc
A3 Floating capital method
Capital acct is kept for each partner and the capital will be fluctuating from one period to another.
Subscribe to:
Posts (Atom)
-
Benefits of GST | Advantages of Goods and Services Tax Updated on May 26, 2017 - 03:23:54 PM The Goods & Service Tax or GST ...
