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Accounts Notes

The document discusses various aspects of partnership and business operations, including the admission of new partners, valuation of goodwill, and the handling of liabilities. It outlines the legal framework under the Indian Partnership Act, 1932, and emphasizes the importance of accurate financial reporting and valuation during changes in partnership. Additionally, it addresses the implications of revaluation and the distribution of profits and losses among partners.

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vaninarwani
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30 views30 pages

Accounts Notes

The document discusses various aspects of partnership and business operations, including the admission of new partners, valuation of goodwill, and the handling of liabilities. It outlines the legal framework under the Indian Partnership Act, 1932, and emphasizes the importance of accurate financial reporting and valuation during changes in partnership. Additionally, it addresses the implications of revaluation and the distribution of profits and losses among partners.

Uploaded by

vaninarwani
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
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Spdian Padres kip Act, sechon 4. - Pasdnens ds. is Hr “fabion blew n ie ia caged ae _ peo rar ang faa tase dhe yt an chauictusher a fataisy 2 = 4 ns Fast “Guo on imax tham teuo f n> Theug | so ‘ set bo af least — liso aeneonbous ina. ffastieush amd_the_ chrrbuol govoxpmert Las fuescutibed | ts maken —_ mo, pastfreto in a : five. tote sounder sulle 10 4 fe sale 2014. ee [meama "fakin cane of the du adrels 4| tho Ginn fim 4 | Sufficitnat b* met ts Lobilition , the | Huot @ —Cam_ alea be allaches to rneil Sack —Ltabilttiea : — Sd gp andl fat a. fom foo must be" rautaal —__ oll, Tho autneiship. acl does not ueqiied Phat A emt: must __be 2n_ a ewsthing _ but —euhdasssan conga —he_essilag, tho. “Gheimnend-—eubich . eordolr texas 7 Kroc = lg, tus ve hon Pontos dead. een win tha sit 4 fide 2 —— — i to frasubepate* in tinea fab PO rere haa — an’ equal “gai At m touke oist in Sho ____ fia gt thon ices. fastinens ara _ —. untell " Tes saig ht fools amy _ eee 2 ge Ee oe cee Some Pram _to coubibude bo tho cho’, the business i — the wen, ship, bt bake bo f fears FY he ba Sf “laud Se describe © jn | th daa the Fespastion in uhity Right Lt sl ahesat Re do —______|| qaot = to ere Buch fraspratri) —amuat. be—oaaade nly — L Kee) oat of fruit thot ove the forovieions of She Indian axtnenship Ac. 1932 in “the bsence q faxtnenship Reed. fra ae ts. led. “aba post aaiog Wiest on opt al tof auifniua apn _onbile — elon tatened on “te “aman cab mse — ms business _ “te : Shall be a nese dehy Sd ha troodesi- ig an lridenngib(o “anad _finoed eee tulhon a finn @ann Dig bc Arr fst (ORS Tee {qt mm gown along avila the banner of flo _boatnesd Tet pte cam ay That a cab aman attached with a place parson. Sn the Banae esau + this aa odewil’ — semmaings_ tachod* wif, Uiesrion buntness , net anh, — pansoned ih | Ocumen . Jats | Hyp pease “is Cob -_ | Revaluation the Ws T To Qld postren Cob. Oy Cena, old. povttyon get jrofi f)- vi) Lon Joss ‘dua bo —_ptovalukon © ‘Od frsttnin copidad ale a “‘ Kevalluation VC - CBS nop Joss is takum pom = ) Dal | ( = J | wuwaliotion On furofit clue to | ie xe te : || _ - +} a - aa | ts pH oe | I ee - - - > | a burinoss decide fo doowe an endo ib busines sulation from the business. Quy fo some specific _vieowon thin _suth gtuahon is enewn as vutisomont posttnen . A froctinsn en wots in follousinay covdihions:- ‘) | i i) ii) | fu) | wy vid| ue to old age Que fo ill heodtn Due fo mnuiteiod an fuinciflas diffocumers Aua to onlowjud work by other _hoxutnun, ‘tlon the busines is sauna. Conbinoul On | Doss then Oo fortron wowls fo change his phaeo { ‘ond waut fo yonidé Hermon ‘ot some ow | act . vii? —_—____}_—"——— - thon fostror a hortiin be com Junch'c, insal [evel on trols . tren & hartnoy involuos 1s hiasolf insu in such the of. bussiness ushich ty against Mo _gbjechiuso im tat fw _____ Oem — A) Car ~ On Ketiument FSS ae | gnocific 1ssuto:_ a) Coleledion of hsopit in shoring We Ekad OK ii) | Treobvwamt ood twill - fi Qistribulion of umdbristributed Jutbitand swroume _ | Revabasahion de anck anol Diahibition . ») | vi) fo bo | victining pastas a [Adj ustroont of Colne, (an a py) | Meus fowofit in shaning o wahio - Stis the veho th _ eahich ne ecient, postman will shore Julure frofit and foes “D Gnining oho Ta eho in sich the conti often the vaticumont an death of any portranr, hartnorn hou agure Ihe chanel ' | frome vali auttnens 1S called geng ane GR = NI-OR ee |b Vos Sacnifico vahio anol gang va. (ra —=C) — |_Sasifiing Rosio Grov'ning Koo [tt is Mu ail in Tr is Vo wodio in which __ * i tris __tuhich ¢ old F frasd rare Continulng haduen Aquino “Lagat to fo sacrifreo Shin Pra shore o profit fon | shave of Weft tin Jowown | vata hoxtnon. | 4 nw artis - a * SR=OR-NR ss GR NR 08 » a is caladeled of (a Tres coleulaked of the | Fine of admission of | tina of. wohow nad ot new frantnon poxdron war doch * Tt being vuducion in zt bod ineseane fn the t _ Ff mer set iootiF vodio a old pontoons bveli ytabo ‘4 olcl pantrs, | Recount of oodwitl-> Tho fos “paced im suioka or a. devil, ‘ e : ; iran goodwitt account “doen't exist «the 19 The show _ ‘eating porn w will Sa | be po caleulaticol “wo fh the ‘ett wucwrd will [be made :- - _ i a - _ i af i! (CSO | Continuing, Povilners ah: ne “Dn me 7 poesia proottrarn Cop. rh nye eon Sse be canith a _ | Al frarten oh. AL An On ‘yutironand shonive 4 goedual by Mo value vaksing pardnen. - hy __¥e | Se ae Aa ind J deel. prectinan Con xk | Finst all tho codtuill eocist i) in Oho book of oecount will be Closed onrol Shon She neo | (Ww “will be cadculeded an yulinewmont om loath te _prardinan anol following second evil be mace - TT “Revaluation 1 onsets amol Liolibhes ot the Ya | vuhriement on daadh v | pontnen:- —T Recand. oft On vavalubion ——_ a | Revolution Alc _ ay ** = | to alt partner's “Ohne er (Beinn) ene eZ 2 = a | Recond 4h loss on vievollution — _ - a _ | Poxtien’ss ap We ee) Pan _ (To Rwalubion Ac . ee _Losinn qt tn) - EO Pasgwant of amount dua fo suboing of partons | Thera ono’ thew mathod. for huymot fun a bone dua fo _vuttring rant. & i : Tomb hosgvord tn Goh- Acer to this abated the gciains hantren is “had tho toked ‘oumount ‘us to him af ho we of his votinommt in cogh. a embry | amace in this weg curr . : | Rotini homtan 4f¢ My Db exoh'| bouk WK | Ceseing = eas | C2) - i fap nm installment :- In absence + Sufficient cash balomen ith finen Bho boowce 4 _aschoting hosdven “cosni hel account is tromslesined |b his foan ale which is oid there offer in contain “inataldment . TRO The enix _fraymunh is posh out interest is hod on she badamee af a cotiin sole , | In dhis se oval fevlocsine, enbou is node * | Retina, josuien ah. Ole An KR To shining hosdman Cof.cle KR (Beiney amt. | trove vud & loan ale) + | trtewet ale 7 = — My xx __| ® vulising postner loan Ale + Xx a ia intereat eat dronged on door cant) | * | boxing ponte foam afe An Re ie te bamk /Cooh ale RX _ “4 inakablwart of Doon proocl ) i Rayment by omaui ky 9 In dhis coat, openssh _ gushonbiov __ account is ofwn omel Ore cout [due to suing, hadven fs tromafor umith dn his | aecoount indsust is aloo paid and a shed fic dmvoumt Jy ) | C=O | —— | eahich is fe doteruminedl. -i¢ is aloo ‘hodd We i” this sagand following jowmod ¢ entries is rood * | he Ae Qn sex | Jo dy scwponaion Ve Me _ h® Se = | CBsina = rams fo anunciihy eunfpwnsion Me) 1 * TAbuot alc “Dn aR _b anni) suspomoton FL, x (Being. inbust chorgeal) * Annwity sushimaion rv dn i To ‘bomk ale | Coen ink.sushemhion amoumb hold “tb = fumanndy eased fp be i a hevdran , The Same gituohon axive on tho "dat of pasdnin to it ones at Se time vohumint . Rd tho differnt oliftuane is in can is ta cae, gq death which on occun of hme. ‘de We 4 hoxtnen ts hewhored id iy often his loath . The occoumls o deceaedhantnert ane fined | by his Leaas Hops Urctoiuen - Doak 4 a frositnon - tilken posdven dee he __ 1 (Oa — =0) + oe Colubobon qa amount dus to salsseuelive eceaneal havctnen:- db Recount of a ‘the fam one fsulromed on en ote a | hawdnels cloth . fi) |In wadit sido hosciaen’s copied ale ball. of caswdtnb ale, int. on ech. , his show. 4 goodwill, Wofit on suvaluation and share of joint tite hotioy ane : secarded in addition fo his amt: a} Ca - iti) | Th debit silo dsronsing anacle by hima, in bewat on _ As awsi auc Joss en _sevalyation | ion , ) tear taken by _ hin ek! are." weer sucarded \ iv) Shox in the oot to the dove 4 death 1s | cuedited . 4 Te bal. bal. of oh dh» ale 16 | ale 1's Drafersced to dlecwenseol ; frosiknon 's eoceriua afe omel She ah ae of hatin is closet vallotion among faxhun but fivm Continue, fcc. to Indian Poutrenship act 193% section 3 I dissolubon + haxtrershilp amon . abl herdnew is ‘teomed ad dissolution 4 povtnenshif fiom. | Bissclution UN sve busimird is chosed od firm is alisselaken.- dssolucol. | Causes oA dissoluhon “of Fastnvsship Th ths hotiunshih eas dormed dora shecipic > Hl hoxiod . _ _ _ > ||Tnexeese of doodh of hovutnen io > lth coe A portnon bring dloclounedl inseluent 2 || tn coe admission f news fartran ald hautnenshih oasournanct coms to encl and oxy as Its mode. _ / a Modan [Method 4 dissolution of jinm Bissolution by. agretmont 2 A portnenship comer i Qra =A) fe : - E into am excistomce by am a 1 Simillasey it ean aloo be come to .and end by agraumant i) Composers dissolukion 2 Tw aw thyee condition % |atem all hasten on oll ercaat ow hortnon's | clectainedt insoluont , ki Ty the business ot jinm is declined idlegal . * |S the povtnenshih deeloinecl \ illegat duc to hahhen iney gf cotton event. im ama, be disselvect by am hatin | givi nokco in quitting fo all frasdnen oH his in intemsion to clissolue it fw fim. (sec. 43) ui) by Noica- Tn cose frostnenshih is ot oil, Me iv) by Count > % Postnen become forson o umsound mind * Rudin become twowmomentd” in corals. * — Posttnn gound quilts jor misconduct, yo ee 2) Habhening a omy uit Or cosh g} Lov [oe ehh The fom > Consituted Aon dean 9) powdwen oe | | Bifocemen & Yea dissolution r hartrunshife amok | dissolukion ah — | Basis Dissokution t fastiun-| | - Bissotuhton qf Pam ] — -ath an | —__* || Relahion | In this , only one ‘th this, sulation bly ft Lor fwo poner ah the jrovdnsry — — | “omany dee he diam, Comte Foam ond, * | Dissolution Fan dissolution of | On the dissolution f —hantrarshih , tho dliss- | tha govm , The porta | coluhon qt Oe fim -shih business aso | ‘is not essential. poked cbwas ro ; i } jan ond. a * | Closes of | [Tha closure “business The closure of busirar - _businese is not earonhial in 8 @asembial in | disaludion o_hovdaensti- dissolubion a héxtin- ch. shih fhm. * _Sattberanst On Cu dissolution 4 Reng Bud on The , ‘y Ale & hovituinshih...the dissolution of, a foun - | account is prehared gma final settlwuit - a {or Moo haymed fon & Oe is made Outgoing oxime the + Conditions dhoth or a jrantnon On ty conakbvion q 1 } | Peconmnéna, duvahie Or _ shecific Wonk or dur | insoluent, Pe poochunshih to illegal businna | Come ko OM ond. the fom Ths must © | Come fe am et (Om 0) Seclion 48 of Indian Podnenshih act 1992 :- () Setldemunts oH ale C losses) oo inst howd ow a ree - | tm hoid out i - | amd fastlyh aid ou “wt ae 4 thie profit sh vubo, _ ) | Abplicotion 4 | aaneds _Reolizahion _eochuncts . - | Oubide bia. “Cseavadd) = Owside dia. Cinsecured), | Portier loon account. - || Partner ah. ale. || Residue arong hoxdnan in in jnoht shaning | alia. | Section. ca of Tndian ‘Postnenshih act 1932, ys ts of Seared Olas = _-) UFLizobio jon of fin forohunty iF hoy fim olalifs ] ard p, rah proxtrun’s olabity — Ubibigation on houtnans proherly a 15 fray fartnare chabils ond eg fiom's dub a (Ce fi) | Recoumnting treatwart fotloccings oda ww / ano at fsahored in this chapter \ DATE a ~ y PAGE C) ee C a) || Reabisolion We _ —b) Pasdrens ca afe 0) | Podvan’s Loom of tr _ — d> || Goh or bole fe I Realizahion alc - tthe dissaleuion oF fom _ | taken placo son ald ho We ) including. enh ancl bouh Ve ow Closed. fay _ I dats Jusnhose sobizodion We is oped _ i to dotewined the po}it an floss on clissoluk- {or | Difference b/oy Reabisabion Ae and Revaluohind) | Bovis Reollizohion 9/e Revolucion Me Time of | Realjschion Ye is Revoluahion % ts | poeeporti| fouparad of Oe tine |suhored ot he on | 9 dissabution of imo of Maison hootvaxshi'h fom Katirwmod 0 dovh Of ofp frontven. H ——} ___-+— _ —

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