PSR refers to profit sharing ratio agreed amongst partners of a firm in order to share the profits and losses of the firm. Any chance in PSR will result in reconstitution of partnership and thus require...
Here are the tips: Make a flow chart for every topic/chapter Give to the point answer Be clear with all terms/important definitions Don't skip diaram wherever necessary Try to solve maximum types...
Past adjustments in partnership firm means adjusting partners' capital or current account balances due to rectification of past errors and omissions that was not in accordance with the partnership deed....