Success Roar Classes

Partnership

Adjustment of Capital

Adjustment of Capitals - Success Roar Classes

What is adjustment of capital? Sometimes the capitals of the partners are adjusting at the time of admission of a new partner. Adjustment of the capital of partners in a partnership firm is another major adjustment that requires proper accounting treatment. Partner’s capitals may be adjusted in the following two ways: How to adjust of …

Adjustment of Capital Read More »

Interest on Capital

Interest on capital - Success Roar Classes

What is Interest on capital? The interest on capital is allowed(given) by the firm to the partners for contributing the capital introduced by the partners in the firm. So, it is- “INTEREST”  On  “CAPITAL” What are the features of Interest on capital? Nature of Interest on capital– It is an appropriation of profit. Hence it …

Interest on Capital Read More »

Partnership Deed

Partnership Deed - Success Roar Classes

What is the Partnership Deed? A written document that consists of the terms of agreement or rules relating to the partnership, is called Partnership deed. It is also called “Articles of Partnership”. What are the Features of Partnership Deed? Is it mandatory to make a partnership agreement? – It is not mandatory to have a …

Partnership Deed Read More »

Limited Liability Partnership (LLP)

Limited Liability Partnership (LLP) - Success Roar Classes

What is the meaning of LLP? Limited Liability Partnership (LLP) Act, 2008 “Limited Liability Partnership’ means a partnership formed and registered under this Act.” Partnership + Company = LLP What are the features of LLP? Body Corporate- A LLP is a body corporate formed and incorporated under this Act. Separate Legal Entity- It is a …

Limited Liability Partnership (LLP) Read More »

Meaning and Nature of Partnership

Meaning and Nature of Partnership - Success Roar Classes

What is the nature of Partnership? Legal Point of view No separate existence means firm and partners are considered as one person. Partners have unlimited Liability in the firm. Accounting Point of view Separate Existence of firm and partners (Meaning and Nature of Partnership) What is the meaning of Partnership? Section 4 of the Indian …

Meaning and Nature of Partnership Read More »

error: Content is protected !!