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Not-for-Profit Organisations refer to the organisations that are used for the welfare of the society and are set up as charitable institutions which function without any profit motive. Their main aim is to provide service to a specific group or the public at large. The main objective of keeping records in such organisations is to meet the statutory requirement and help them in exercising control over utilisation of their funds. The main sources of their income are subscriptions from members, donations, financial assistance from the government and income from investments. Most of their transactions are in cash or through the bank.They also maintain a ledger containing the accounts of all incomes, expenses, assets and liabilities which facilitates the preparation of financial statements at the end of the accounting period.
Section 4 of the Indian Partnership Act 1932 defines partnership as the ‘relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all’. Essential features of partnership are: 1) Two or More Persons. 2) Agreement 3) Business 4) Mutual Agency 5) Sharing of Profit 6) Liability of Partners
Modes of Reconstitution of a Partnership Firm, Admission of a new partner, new profit sharing ratio,Sacrificing ration,Goodwill, adjustment for accumulated profits and losses, revaluation of assets and reassessment of Liabilities,Adjustment of Capitals,Change in profit sharing ratio among the existing partners.
Modes of Reconstitution of a Partnership Firm, Admission of a new partner, new profit sharing ratio,Sacrificing ration,Goodwill, adjustment for accumulated profits and losses, revaluation of assets and reassessment of Liabilities,Adjustment of Capitals,Change in profit sharing ratio among the existing partners.
Dissolution of Partnership, Dissolution of a Firm, Settlement of Accounts, Accounting Treatment.