Advanced Accounting notes

Module 1: Partnership Accounts 1. Admission of a Partner Meaning: When a new partner is admitted into the firm. Adjustments: Revaluation of assets, goodwill treatment, profit-sharing ratio change, capital adjustments. Example: Solved problem with Revaluation A/c, Partners’ Capital A/c, Balance Sheet. 2. Retirement and Death of a Partner Meaning and difference. Adjustments: Goodwill, revaluation, settlement of retiring/deceased partner’s share. Journal entries + so...