Admission of a Partner

Admission of a Partner

Admission of a Partner means that a new partner could also be admitted when the firm needs additional capital or managerial help. According to the provisions of the Partnership Act 1932 unless it’s otherwise provided within the partnership deed a replacement partner is often admitted only if the prevailing partners unanimously comply with it. For … Read more

Partnership Account

Partnership Account

Partnership Account, As the business expands, one needs more capital and a bigger number of individuals to manage the business and share its risks. when two or more persons are close to establishing a business and sharing its profits. On many issues affecting the distribution of profits, there might not be any specific agreement between … Read more

Issue and Redemption of Debentures

Issue and Redemption of Debentures

Issue and Redemption of Debentures- A company raises its capital using an issue of shares. However the funds raised by the difficulty of shares are seldom capable meet the future financial needs of a corporation. Hence, most companies address raising long-term funds also through debentures which are issued either through the route of personal placement … Read more

Documents to Formation of a Company

Documents to Formation of a Company

Documents to Formation of a Company, The journey from an entrepreneurial idea to a fully-fledged company involves a meticulous process of legal and administrative steps. One crucial aspect is the preparation and submission of various documents that pave the way for the formal establishment of the company. In this comprehensive guide, we delve into the … Read more

Formation of a company

Formation of a company

A company is an artificial legal person i.e. it is a creation of law. It comes into existence when it is registered by following the procedures laid down by the Companies Act, of 2013. Formation of a Company means registering or incorporating a company with the Registrar of Companies in the state where the company’s … Read more

Types of Companies in Accounting

Types of Companies in Accounting

There are five types of companies in accounting and each one has different categories. Now we explain all separately under the following: 1. On the basis of incorporation a) Statutory company b) Registered Company 2. On the basis of the number of members a) Private Company b) Public Company c) One-person company 3. On the … Read more

Sourcing of Accounting Software

Sourcing of Accounting Software

The sourcing of Accounting software is an integral part of the computerized accounting system. An important factor to be considered before acquiring accounting software is the accounting expertise of people responsible in the organization for accounting work. People, not computers, are responsible for accounting. The need for accounting software arises in two situations : (a) … Read more

Management and Accounting Information System

Management and Accounting Information System

Management and Accounting Information System- In order to remain competitive, organizations depend heavily on Information Systems. Management Information System (MIS) is used as the most common form of information system. A management information system (MIS) is a system that provides the information necessary to make decisions and manage an organization effectively. Accounting Information System (AIS) … Read more

What is Computerised Accounting

Computerised Accounting

What is Computerised Accounting- A computer is a device, which is capable of performing a spread of operations as directed by a group of instructions. This set of instructions has been named a program. Computer technology and its usage have registered a significant development during the last three decades. Historically, computers have been used effectively … Read more

Ledger Posting in Accounting

Ledger Posting In Accounting

Ledger Posting in Accounting plays a very important role in maintaining accounts books or records of transactions. At the time of preparing accounts in any organization (business), preparing different ledger accounts, and also finding balance in each account is very important. Accounting is a process of recording the financial transactions of the business. The objective … Read more