India

Mobile as a Capital Asset Mobile Depreciation Rate as per the Income Tax Act Mobile Depreciation Rate as per the Companies Act Example Why Should a Mobile be Depreciated at all? Most businesses today rely on company mobile phones for after the work communication. These mobiles are considered an asset since they usually last for […]

Meaning and Example The term “reconstitution of partnership” refers to an alteration in the financial relationship between the existing partners of a partnership firm. As a result, the existing agreement ends and a new one is formed. A reconstitution occurs whenever the terms of a partnership agreement are modified and the profit-sharing ratio is changed. […]

What are adjustments in accounting? It all starts mainly with the accrual concept of accounting, which says that all incomes earned and expenses incurred during an accounting period should be recorded whether or not money has exchanged hands or not. This is the primary reason for the need for adjustments in final accounts. Why are […]