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Financial Accounting

Financial Accounting

DISSOLUTION OF PARTNERSHIP

Meaning To dissolve a partnership means to bring an existing partnership business to an end. This entails selling the assets of the business, paying its creditors and other liabilities and sharing the balance of cash left between or among the partners in the agreed ratio. Reasons for Dissolution Any of the following reasons can lead to the dissolution of a partnership. Retirement of partner i.e a partner gives notice of his intention to retire from the partnership Admission of a new partner A partner giving notice to other partners of his opinion that the business be dissolved. Insanity of a partner i.e a partner’s problem of unsound mind. Bankruptcy or inability of a partner to pay his debt. Death of a partner A joint decision by the partners to dissolve the partnership If any time agreed upon expires The business can no longer make profit If it becomes illegal to… Read More »DISSOLUTION OF PARTNERSHIP

Financial Accounting

ADMISSION OF PARTNERS, GOODWILL AND REVALUATION OF ASSETS

ADMISSION OF NEW PARTNERS This occurs when a new partner is admitted into an existing partnership business. The reasons for such admission usually are: expiration of old partnership agreement, to inject in more fund, bring in a specialist, death of an old partner, etc. However, it will be unfair to the  existing partners for a new person to come in and take part in the established prosperous business without any reward  to the old partners. This compensation to the old partners is goodwill.   GOODWILL ON ADMISSION OF A PARTNER Definition of Goodwill: Goodwill is the benefit and advantage attached to an old established business as a result of its good name, efficient management good connection, good location, etc which make it to earn more profit.   REASONS FOR PAYMENT FOR GOODWILL Thus, a partner of an existing business or an incoming partner will be induced to pay for goodwill… Read More »ADMISSION OF PARTNERS, GOODWILL AND REVALUATION OF ASSETS

Coat of arms of Nigeria

ACCOUNTING SSS 3 SCHEME OF WORK

ACCOUNTING (ACC) SSS 3- FIRST TERM Company Accounts and the Regulation of the Nigerian Capital Market – Final Accounts – Regulation of the capital Market Commercial Accounting – Hire Purchase and Installment Payment Account – Consignment Account – Joint Venture Account – Contract Account   ACCOUNTING (ACC) SSS 3- SECOND TERM Commercial Accounting Department and Branch Account – Departmental Account – Branch Account Public Sector Accounting Revision…Revision…Revision   Also See SALESMANSHIP SSS 2 SCHEME OF WORK HISTORY SSS 2 SCHEME OF WORK DATA PROCESSING SSS 2 SCHEME OF WORK YORUBA SSS 2 SCHEME OF WORK PHYSICS SSS 2 SCHEME OF WORK

Coat of arms of Nigeria

SCHEME OF WORK FOR ACCOUNTING SSS 1

ACCOUNTING SS 1- FISRT TERM Introduction and Historical Development of Booking-Keeping Accounting 1. Book Keeping and Accounting 2. Ethics of Accounting Principles and Concepts of Accounting 3. Principles of Double Entry 4. Accounting Concepts Journals and Cash Account 5. General Journal 6. Analytical Cash Book   ACCOUNTING SS 1- SECOND TERM Journals and Cash Account (Cont’d) 1. Bank Reconciliation Statement Classes of Accounts and Final Account of a Sole Trader (Proprietor) 2. Classification of Accounts 3. Trial Balance and Correction of Error 4. Trading Account 5. Profit and loss Account   ACCOUNTING SS 1- THIRD TERM   Classes of Accounts and Final Account of a Sole Trader/Proprietor (Cont’d) 1. Adjustments in Profit and Loss Account 2. Balance Sheet Control Account 3. Sales Ledger (Total Debtors Control Account) 4. Purchases ledger (Total Creditors Account)   Also See BECOMING A CHAMPION List of Universities in USA Names of Nigeria Universities financial accounting… Read More »SCHEME OF WORK FOR ACCOUNTING SSS 1

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