A partnership is an agreement between two or more persons who agree to share the profits and losses of a business carried on by all or any one of them acting for all.
Reconstitution of a Partnership Firm – Admission of a Partner
Reconstitution of Partnership: Any change in the existing agreement among the partners constitutes reconstitution. Admission of a new partner is one such form of reconstitution.
Financial Statements of a Company ( Accounting for Not-For-Profit Organisation)
Financial statements are formal records of the financial activities and position of a company, providing an overview of a company’s profitability and financial condition.
Accounting Ratios ( Accounting for Not-For-Profit Organisation)
Accounting ratios are quantitative measures derived from financial statement items, used to assess a company’s performance, financial health, and efficiency.
Cash Flow Statement ( Accounting for Not-For-Profit Organisation)
A Cash Flow Statement is a financial statement that shows the inflows and outflows of cash and cash equivalents within a company over a specified period.