RIC centre

26/07/2022

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R. I. C. (Rana institute of Commerce) Name- Jitendra RanaOwner of R.I.C(Rana Institute of commerce)R.I.C Teach 11th to M.COM. students (Only Numerical subjec...

20/12/2018

Project for class 12 cbse.....

27/09/2018

Partnership deed: the document containing the agreement between the partners, is known as partnership deed. It contains all the terms and conditions of partnership as well as the rights, duties and obligations of the partners. It is necessary to have a partnership deed in writing to avoid and settle possible dispute among partners, it can be presented as an evidence in the court of law........
R.I.C - ranajitu........

27/09/2018

Nature of partnership : partnership is a separate business entity from accounting point of view, but from a legal view point, partnership firm is not a separate legal entity from its partners.
R.I.C- ranajitu.....

27/09/2018

Basic concepts of partnership an partnership deed:
Definition of partnership - according to the Indian partnership act, 1932(section 4), "partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all."
The persons who have entered into a partnership which one another are individually called 'partners' and collectively " a firm and the name under which the business is carried is called "the firm's name".
Please remember -partnership act 1932 does not specifically talk about maximum limit of partners. However, section 464 of the companies act 2013 empowers the government to prescribed maximum number of partners but it should not exceed 100. The government has prescribed 50 as maximum number of partners under rule 10 of the companies rule, 2014.
R.I.C.- ranajitu............

18/01/2018

Some important point for examination... .....
1. Meaning of Goodwill Goodwill means the good name or reputation of a business earned by a businessman through his hard work and honesty. This helps the business to earn more profit.

2. Methods of Valuation of Goodwill
(i) Average profit method Under this method, goodwill is valued on the basis of simple average or weighted average of profits of the firm multiplied by the number of years’ of purchase.
Value of Goodwill = Average Profit x Number of Years’ Purchase
NOTE Any abnormal gain or abnormal loss should not be taken into consideration while calculating the average profit.
(ii) Super profit method In any business a certain amount or percentage of profits is normally expected. But in practice, we may earn more than normal profit or we may earn less than that normal profit. Excess of actual profits over the normal profit is called super profit.
Super Profit = Average Profit – Normal Profit
Value of Goodwill = Super Profit x Number of Years Purchase
(iii) Capitalisation of average profit In this method, goodwill of the firm is calculated by deducting actual capital employed from the capitalised value of average (actual) profits on the basis of normal rate of return.
Capitalised Value of Average Profit = Average Profit / Normal Rate of Return x 100
(iv) Capitalisation of super profit method In this method, goodwill is calculated by the capitalisation of super profit on the basis of normal rate of return.
Value of Goodwill = Super profit / Normal Rate of Return x 100

11/01/2018

National Savings Certificates, popularly known as NSC, is an Indian Government Savings Bond, primarily used for small savings and income tax saving investments in India. It is part of the postal savings system of Indian Postal Service (India Post).

These can be purchased from any Post Office in India by an adult (either in his/her own name or on behalf of a minor), a minor, a trust, and two adults jointly. These are issued for five and ten year maturity and can be pledged to banks as collateral for availing loans. The holder gets the tax benefit under Section 80C of Income Tax Act, 1961.[1][2][3]

Other similar government savings schemes in India include: Public Provident Fund (PPF), Post Office Fixed Deposit, Post Office Recurring Deposit, etc.[4]

The certificates were heavily promoted by the Indian government in the 1950s after India's independence, to collect funds for "nation-building".[5]
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