Reconstitution of a Partnership Essay Example for Free

Reconstitution of a Partnership Essay Partnership is the relation between persons who have agreed to share the profits of the business carried on by all or any of them acting for all. An essential element of partnership is to have an agreement and wherever a change takes place in this relationship it results in reconstitution of the partnership firm. Reconstitution of the firm may happen under any of the following circumstances and as a result there will be a change in the profit sharing ratio: 1) Change in the profit sharing ratio amongst the existing partners; 2) Admission of a new partner; 3) Retirement of an existing partner; 4) Death of a partner and 5) Amalgamation of two partnership firms Change in the profit sharing ratio of existing partners: The partners of a firm may decide to change their profit sharing ratio and in such eventuality, the gaining partner (i. e. the partner whose share has been reduced) unless otherwise agreed should be paid some compensation and the compensation is the value of goodwill represented by the gain because the change in profit sharing ratio means that one partner is purchasing from another partner of the profits. For example; James and Jones, two partners of a firm are sharing the profits of the firm in the ratio of 3:1 and if it is decided that in future both will be equal partners, it means that James is selling to Jones  ¼ th (3/4-1/2) share of profits. Therefore, Johns will pay to James an amount equal to one fourth of the total value of goodwill. In concrete terms, suppose, the profit is $20000 previously James would get $15000 and Jones would get $5000. After the change in the profit sharing ratio, each would get $10000. James, therefore, loses annually $5000 and Jones gains $5000. If the goodwill is valued at $40000, Jones must pay James one fourth of $40000 namely $10000. This adjustment is usually made by passing an adjustment entry. In this case, Johns capital account will be debited and James capital account will be credited with $10000. In addition to the adjustments for goodwill, the change in profit sharing ratio also requires the adjustment of profit/loss on revaluation of assets and reassessment of liabilities, accumulated reserves and profit (or loss) etc. Sacrificing ratio and gaining ratio: Change in the profit sharing ratio of existing partners will necessarily mean that one or more partners are surrendering a part of their share in the profits in favor of one or more other partners. A part of share being so surrendered is termed as sacrificing ratio while the share gained by each partner is termed as gaining ratio. Sacrificing ratio is computed by deducting the new ratio from the old ratio. Gaining ratio is computed by deducting the old ratio from the new ratio. References: http://classof1.com/homework-help/accounting-homework-help/

Explain And Evaluate Critically Malthuss Population Theory. Essay examp

Explain and Evaluate Critically Malthus's Population Theory. In 1798 Thomas Robert Malthus, a British clergyman and professor, wrote an essay showing the way to modern demography. In 1824 he wrote a shorter final version, the article on population for that year's Encyclopedia Britannica. Malthus has been criticized for his lack of scientific foresight—he did not foresee modern advances leading to increased life expectancy, food production and birth control. He has been criticized for his politics—he thought welfare immorally increased population and hunger. He has been criticized for pessimism— the adjective Malthusian is associated with a gloomy outlook for humanity. But he showed the way for the study of human population. People. To learn how fast people might reproduce, Malthus examined the United States census. Conveniently, that count was required each decade, starting in 1790, by the Constitution of the former British colonies. Land was so fertile and uncrowded that food production seemed not to limit population growth. Immigration counts were available to subtract from natural rates of population growth, thus revealing net reproductive growth. Malthus observed that under such ideal conditions, during each 25 years the human population tends to double. So if world population is represented by 1, then after each 25 years it would be 2, 4, 8, 16, 32 and so on, provided there were no limits on such "natural" rates of population in...

Jefferson Davis’s accomplishments Essay

Look, it’s Jefferson Davis! Not really, but now that I have your attention I will fill you in on the latest info. on Jefferson Davis. He was famous in history throughout the Civil War times, often working in partner with Abe Lincoln. A famous biographer and writer, Jefferson Davis had many accomplishments acknowledged in history. Davis was president of the Confederate States of America. He served in the House of Representatives and the senate, was a Mexican war hero, and was Franklin Pierce’s secretary of war. He became a symbol of the Lost Cause after the Civil War. He became a spokesman for the south, and was called a â€Å"cotton nabob†, which was a southern term for the newly rich. Davis was a compromise candidate who was chosen in secrecy. He had self command, gained by the discipline of a soldier, which fitted him to command others. Jefferson Davis was sometimes referred to as a Southern cheif, being born in Kentucky. He remained a plain man of the people, obeying the social law of his section; something of an aristocrat. Developing an aristocrat was a prime advantage of a republic. He was of Welsh descent and Pennsylvania antecedents, coming from â€Å"poor but honest†parents. His father, Samuel Davis, was a small farmer in Kentucky. Jefferson Davis was named after the president, therefore his name originally being Thomas Jefferson, but he dropped the Thomas to give himself a more distinctive name. His theory was that men with ill-sounding names do not get very far in politics, which was what he wanted to go into. Jefferson Davis, President of the Confederate States of America and commander-in-chief of the army and navy, belongs to history, and his career is subject to full and fair treatment by just and intelligent men.

Social Media Identity Has the Potential to Affect an...

With the current times of internet and social media usage, an individual’s identity has the potential to affect their current and future employment. Employers are increasingly using social media sites to screen potential and current employees to identify any activities or publications that may concern the organisations best interest. Many questions arise about the potential affects these actions can have on employment for individuals and are they morally, ethically and legally acceptable. The publication â€Å"The future of Identity† [p4] (Bostrom and Sandberg 2011, p.4) states that; having an identity is an essential part of the human psychological and social wellbeing. Threats to the identity of a person are serious and will often spark†¦show more content†¦I would presume that these concerns would be more directed to employees’ that have more contact with the consumers and general public. E.g. Customer service roles, public figures, high end management and role models. Many people believe that they are protected by the Privacy Act. The fact is that, they really aren’t. They’re only covered IF the organisation is based in Australia and not classified as a small business. â€Å"An organisation with an annual turnover of $3 million or less† (Australian Information Commissioner 2012) then the Privacy Act may apply. â€Å"The Privacy Act doesn’t cover individuals acting in a personal capacity† (Australian Information Commissioner 2012) †individuals posting information on social networking sites would usually be exempt from the coverage of the Privacy Act, though their actions may be covered by other laws† (Australian Information Commissioner 2012) Social media users place themselves in a vulnerable position if they publicly announce their personal information online. 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