Partnership −

• Features

• Partnership Deed

Provisions of the Indian Partnership Act 1932 in the absence of partnership deed

Fixed v/s fluctuating capital accounts

Preparation of Profit and Loss Appropriation account- division of profit among partners, guarantee of profits

Past adjustments (relating to interest on capital, interest on drawing, salary and profit sharing ratio)

Goodwill − nature, factors affecting and methods of valuation – average profit, super profit and capitalization