Class notes ACCOUNTANCY

GAURAV’S PAATHSHALA
ACCOUNTANCY IMPORTANT AND HOTS TOPICS

S.NO. NAME OF CHAPTER IMPORTANT TOPICS HOTS TOPICS
1. FUNDAMENTALS OF  DIVISION OF PROFITS  DOUBLE GUARANTEE
PARTNERSHIP  PAST ADJUSTMENTS  INSUFFICIENT PROFITS
 CALCULATION OF DRAWINGS
AMOUNT OR RATE OF DRAWINGS
WHEN INTEREST ON DRAWINGS
AMOUNT IS GIVEN
 INTEREST ON CAPITAL AS CHARGE ON
PROFITS
 TREATMENT OF CHARGE ON PROFITS
i.e RENT TO PARTNER, INTEREST ON
LAON AND MANAGER’S COMMISSION
(R.I.M)
2. VALUATION OF GOODWILL  GOODWILL VALUATION  ABNORMAL GAIN/LOSS
 UNDERVALUATION/OVERVALUATION
OF STOCK
 REVENUE AND CAPITAL EXPENDITURE
 DEPRECIATION
3. CHANGEIN PROFIT SHARING  TREATMENT OF ACCUMULATED  TREATMENT OF ACCUMULATED LOSS
RATIO PROFITS AND LOSSES  ADJUSTMENT OF CAPITAL
 WHEN THE FIRM DECIDE NOT TO
ALTER THE BOOKS

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, S.NO. NAME OF CHAPTER IMPORTANT TOPICS HOTS TOPICS
 WCR AND IFF CASES
4. ADMISSION OF PARTNER  NEW SHARE/RATIO AND  REVALUATION GAIN/LOSS GIVEN AND
SACRIFICING SHARE/RATIO CAPITAL ACCOUNT & BALANCE SHEET
 TREATMENT OF GOODWILL ASKED
 ADJUSTMENT OF CAPITALS  SACRIFICE TO EXISTING PARTNER
 JOURNAL ENTRIES
 BAD DEBTS WITH PDD
 WCR AND IFF CASES
 HIDDEN GOODWILL
 ASSET TAKEN OVER BY PARTNER AT
MORE/LESS THAN BOOK VALUE
5. RETIREMENT OF PARTNER  NEW SHARE/RATIO AND  REVALUATION GAIN/LOSS GIVEN AND
GAINING SHARE/RATIO CAPITAL ACCOUNT & BALANCE SHEET
 TREATMENT OF GOODWILL ASKED
 ADJUSTMENT OF CAPITALS  GAIN TO REMAINING PARTNER
 PARTNER’S LOAN ACCOUNT
 JOURNAL ENTRIES
 BAD DEBTS WITH PDD
 WCR AND IFF CASES
 HIDDEN GOODWILL
 ASSET TAKEN OVER BY PARTNER AT
MORE/LESS THAN BOOK VALUE
6. DEATH OF PARTNER  DECEASED PARTNER SHARE OF  EXECUTOR’S ACCOUNT
PROFIT  BALANCE SHEET OF NEW FIRM
 DECEASED PARTNER’S CAPITAL  CALCULATION OF PROFIT/LOSS ON
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