AIOU SOLVED ASSIGNMENT 2 CODE 460 AUTUMN 2016 BUSINESS LAW
Aiou solved assignment 2 code 460 autumn 2016 for business law, mercantile law, M. law. This is solved assignment 1 for code 460 for the semester autumn 2016. This subject is also offered to B. A. students along with B.Com students. This course business law code 460 also dealt the partnership of business. Partnership is one of the business type and mostly and widely presented in the world. Keeping its importance you can find it on google as:- solved assignment 2 code 460 autumn 2016, aiou code 460 solved assignment 2 autumn 2016, aiou solved assignment 2 code 460 spring 2017, autumn 2016 aiou solved assignment 2 code 460, b a code 460 solved assignment 2.
Q.2 Explain various types of accounts maintained in a partnership business?
Ans:- A business can be organized in the form of a sole proprietorship, a partnership firm or a company. Earlier, you have studied how to prepare Profit and Loss Account and Balance Sheet of a sole proprietor. If one man was intelligent enough and commanded all the resources that he needed and also the necessary power to do everything, he would have carried on his business as an individual. Alas, this is not true in life.
AUTUMN 2016 AIOU SOLVED ASSIGNMENT 2 CODE 460
Every man needs help from others and this is true in business which requires huge resources for the ongoing expansion programmes. Therefore, one of the inevitable ways is to form partnership by joining hands with person(s) who can complement the efforts by bringing in the necessary intellectual as well as financial capital. This chapter is devoted to the basic aspects of partnership accounting dealing with the preparation of Profit and Loss Account and Balance Sheet of a partnership firm. Although the basic accounting procedure is similar in all cases, there are certain special features in the accounts of a partnership firm. In the case of a partnership firm, for example, the special, features relate to the distribution of profits, the maintenance of capital accounts and the adjustments required when the firm is reconstituted. In this chapter, we shall study the nature of partnership and discuss the basic aspects of partnership accounts like preparation of capital accounts, distribution of profits among partners and change in the profit-sharing ratio of the existing partners along with preparation of Profit and Loss Account and Balance Sheet of the partnership firm.
AIOU CODE 460 MERCANTILE LAW SOLVED ASSIGNMENT 2 AUTUMN 2016
The sole proprietorship has its limitations such as limited capital, limited managerial ability and limited risk-bearing capacity. Hence, when a business expands or when it is to be set up on a scale, which needs more capital and involves more risk, two or more persons join hands to run it. They agree to share the capital, the management, the risk and profits of the business. Such mutual economic relationship based on a written or an oral agreement among these persons is termed as ‘partnership’. The persons who have entered into partnership are individually known as ‘partners’ and collectively as ‘firm’.
FULL AND COMPLETE AIOU SOLVED ASSIGNMENT 2 CODE 460 AUTUMN 2016