Fixed and fluctuating capital Permanent addition or deduction of capital will be recorded in fixed capital. While interest on capital, interest on drawing, drawings, profit or loss for the year, remuneration of partners – regular nature transactions will be recorded…
Average due date It is the date on which debtor can pay all the amount due without gain or loss of interest. It is a date on which single payment can be realized against various dues. If actual payment is…
Account current It is a running statement of transaction between parties for a given period of time which is used for calculation of net interest payable or receivable. It is in the form of account given below: X in account…
Chapter 3 The Indian Partnership 1932 Introduction: Various form of business. In partnership two or more person hence misunderstanding may arise. No single person is responsible. To control rights and duties of partners, partnership and person dealing, above act is…
Contract Act Introduction Business law is wider than Mercantile and Commercial laws. It is divided in Contract, Sale, Agency, Bailment, Negotiable Instrument, and partnership. It’s origin is in English law with some changes. It control to trade and commerce. In…
contract actContract act : Introduction Business law is wider than Mercantile and Commercial laws. It is devided in Contract, Sale, Agency, Bailment, Negotiable Instrument, and partnership. It’s origin is in English law with some changes. It control to trade and…