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Mention the kinds of companies.
There exist three kinds of companies. Namely, One person company Private company Public company
There exist three kinds of companies. Namely,
One person company
See lessPrivate company
Public company
What is the meaning of a company?
A company (joint-stock company) is an entity that is incorporated by a group of people via the process of law for undertaking business. A company is an artificial person as is certainly separate from its shareholders.
A company (joint-stock company) is an entity that is incorporated by a group of people via the process of law for undertaking business. A company is an artificial person as is certainly separate from its shareholders.
See lessPass the necessary journal entry when realisation expenses are borne by a partner and paid by the firm.
The journal entry passed is, Concerned partner’s capital A/c Dr. To Cash/bank A/c
The journal entry passed is,
Concerned partner’s capital A/c Dr.
To Cash/bank A/c
See lessPass the necessary journal entry when realisation expenses were to be borne by the enterprise but are paid by a partner.
The journal entry passed is, Realisation A/c Dr. To Concerned partner’s capital A/c
The journal entry passed is,
Realisation A/c Dr.
To Concerned partner’s capital A/c
See lessPass the necessary journal entry when realisation expenses are borne and paid by the enterprise.
The journal entry passed is, Realisation A/c Dr. To Cash/bank A/c
The journal entry passed is,
Realisation A/c Dr.
To Cash/bank A/c
See lessPass the necessary journal entry ‘for closing the asset A/c’.
The journal entry passed is, Realisation A/c Dr. To Various assets A/c
The journal entry passed is,
Realisation A/c Dr.
To Various assets A/c
See lessMention the accounting treatment on the dissolution of the firm.
Dissolution process begins by preparing the following accounts in the enterprise’s books: Realisation A/c Partner’s loan A/c Partner’s capital A/c Bank or cash A/c
Dissolution process begins by preparing the following accounts in the enterprise’s books:
Realisation A/c
See lessPartner’s loan A/c
Partner’s capital A/c
Bank or cash A/c
What are the modes of Dissolution of Firm?
The modes by which a Firm can be dissolved are: Mutual agreement Compulsory dissolution By notice The occurrence of an event Dissolution by court
The modes by which a Firm can be dissolved are:
Mutual agreement
See lessCompulsory dissolution
By notice
The occurrence of an event
Dissolution by court
What does Dissolution of Firm mean?
Dissolution of Firm means closure of the enterprise and end of the business association among all the partners.
Dissolution of Firm means closure of the enterprise and end of the business association among all the partners.
See lessWhat does Dissolution of Partnership Firm mean?
Dissolution of Partnership Firm refers to the situation in which relationship between all partners of firm is dissolved.
Dissolution of Partnership Firm refers to the situation in which relationship between all partners of firm is dissolved.
See less