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SS 3 Financial Accounting (1st Term)

French

Les vocabularies/ structure et la langue

Je suis riche: C’est – a – dire que j’ai beaucoup d’ argent Oby fait la cuisine: C’est – a – dire qu’elle prepare le repas Je suis fatigue: C’est – a- dire que je veux me reposer. Mon pere est en bon santé C’est – a – dire qu’il n’est pas malade J’ai soif C’est – a – dire que jeux boire de l’eau Elle a someil: C’est – a – dire qu’elle veux dormir Un enfant qui n’a pas de parents est Orphelin Un home qui est trop grand de taille-est Un geant Celui qui ne parle pas est un Muet. Celui qui ne voit pas est Un aveugle Celui qui ne marche pas est Un estropie Une femme qui a perdu son mari est Une veuve Celui qui a perdu sa femme est Un veuf Un jeune home ou femme qui n’est pas encore marie s’appelle Celibataire… Read More »Les vocabularies/ structure et la langue

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

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