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Sole proprietorship and its characteristics
... also his persona! Property such as car, houses, furniture etc to recover the loan. (6) Legal status In law, the sole trader and his business are considered as one, In other words, all the assets and liabilities of the business are the personal assets and liabilities of the proprietor. We can say that the owner and the business exist together. In other words, the two are considered as one in the e.... 
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Kinds of partners
...rt in the day to day management of the affairs of the firm. A person, who has money to invest but cannot spare time for the business, may become sleeping partner. A sleeping partner is liable for the liabilities of the business like other partners. (2) Special Partners Special partners are partners whose liability is limited to the extent of their capital contributed in the firm. They are only fou.... Read
Mutual duties rights and liabilities of partners in the absence of partnership agreement
...The duties, rights and liabilities of partners in the conduct and management of the affairs of the partnership are contained in its partnership deed. However, if on any point, the deed is silent, then the relevant rule of the Partnership Act, 1932, will apply. In the absence of a written partnership agreement, the mutual rights and duties of partners shall be governed by the Partnership Act which .... Read
Partnership agreement deed
...nt in writing is called partnership deed. Partnership deed is a document which is signed by all the partners and which contains all the matters determining and governing the mutual rights, duties and liabilities of the partners in the conduct and management of the affairs of the partnership. It may also be referred to as articles of partnership” containing the name, nature of business, capital, .... Read
Functions of state bank of pakistan
...ation can be increased to meet the public demand and are adjusted according to the general level of prices and economic activity in the country. The assets of the Issue Department are always equal to liabilities. .2. Framing and Operation of monetary policy. The State Bank of Pakistan frames and operates the monetary policy. Monetary policy is conducted by the SBP to regulate and control the volum.... Read
Monetary policy in algeria
...y for which it is responsible .
THE INSTRUMENTS OF MONETARY POLICY
Reserve Requirement: The Central Bank may require Deposit Money Banks to hold a fraction (or a combination) of their deposit liabilities (reserves) as vault cash and or deposits with it. Fractional reserve limits the amount of loans
Open Market Operations: The Central Bank buys or sells ((on behalf of the Fiscal Authoritie.... Read
Vacation property resellers todd ferron
... transfer as well. Rentals handled by the owner offer the greatest possibility for financial gain on the part of the owner. The obstacle of finding a suitable renter remains the same, with the added liabilities associated with renting any real property. Namely, ensuring payment prior to transferring the use to the renter, and coverage for any damage to the unit by the renter. Written contracts an.... Read
Best ulip plans
...remium on life insurance and management expenses. Every year, the insurer calculates how much has to be paid to settle death and maturity claims. The surplus in the life fund left after meeting these liabilities is credited to policyholders' accounts in the form of a bonus.
In a ULIP too, the insurer deducts charges towards life insurance (mortality charges), administration charges and fund manag.... Read
Do banks create credit
... is more than one bank in the country. It is further assumed that the required reserve ratio is 20%. Some body deposits Rs. 1000 in bank A. For simplicity sake, we will show new changes in assets and liabilities only the balance sheet of bank. A now appears as under.We assume now that Mr. X approaches bank A for a loan. The bank sets aside 20% or Rs.200 of new deposit as required reserve and the b.... Read
Advantages of auditing
...is in a position after the auditing to know that what is the position of his business.
(iii) STATEMENT
Audits also help him to prepare the financial statements and some to know that what is his liabilities and assets.
(iv) TAXES.
He is in a position to prepare the returns of income tax, sales tax etc.
(v) EASY COMPARISONS
By the audit the owner is in a position to compare the pre.... Read
Advantages of reserve requirement
...e changes in required reserve ratio by the central bank can be compared to the use of an axe by a surgeon. The bankers manage their asset structure on the basis of certain priorities. The maturity of liabilities and of loans and investment is managed on the basis of required reserve ratio. If this ratio is frequently changed, it will upset the whole programme of loan and investments. So the banker.... Read
Termination of guarantee
...erwise stipulated shall cease to operate when the notice-is received by the bank about the death of the guarantor. The estate of a deceased joint guarantor as already discussed is discharged from all liabilities. In case of the estate of deceased several and a joint guarantor, the estate is not released from liability.(7) Unauthorized Variation of Terms. If the principal creditor and the principal.... Read
Rights and liabilities of a mortgagor
...RIGHTS AND LIABILITIES OF A MORTGAGORThere are different types of mortgage which confer different rights and liabilities to the mortgagors. The main rights and liabilities of the mortgagors are as follows:-1. Right of Redemption. The mortgagor is the owner of the property. He simply transfers an interest in property to the mortgagee. As soon as the loan is paid off, he has the right to redeem the .... Read
Advantages of bimetallism case against bimetallism
...en there are two metals used as joint standard the government can easily meet its requirement of cash.6. The bi-metallic system makes it easy for the banks to keep the necessary cash reserves against liabilities.Case Against Bi-metallism:Disadvantages of BimetallismThe economists who oppose the adoption of bi-metallism base their case upon the following arguments.1. It is very difficult to maintai.... Read
Disadvantages of company form of organization
...harmful to the interest of the share holders and for sound investment.7. Lack of secrecy. In a joint stock company, the management has to make an annual report, regarding sales, net profits,, assets, liabilities etc of the company. The competitors thus gain full knowledge of strong and weak points of the company. The employees also disclose the secrets of the business to rivals in the business.8. .... Read
Accounting for bookies
...as daunting as it may seem. Let us take a look at some of the common terms used in sports betting accounting.
Debits are accounting entries which increase assets and expenses and decrease income and liabilities. Credits are entries that increase liabilities and income and decrease assets and expenses. Assets are tangible items owned and used by your business, such as office supplies, all sorts of.... Read
Distinguish among the bank loans bank draft and cash
...e limit of cash credit is determined by the banker on considering (1) the nature and scope of activities of the borrower (2) total turnover of business (3) total stock in hand (4) value of assets and liabilities (5) evaluation of securities offered and (6) the purpose of loan applied for.The cash credit arrangement is made to the borrower comparatively for a longer period than draft. It is mostly .... Read
Importance of auto allowance and vehicle reimbursement program
...appen when employees use office vehicle for personal use and employer is fully responsible for paying for this. Hiring a properly designed vehicle reimbursement program helps you in reducing risk and liabilities involved in case of any accident incurring with the driver with the help of their risk management programs. These programs also provide you with 100% tax-free reimbursements, which will ce.... Read
State bank of pakistan as controller of credit
...effective weapon of credit control of the central bank of a country. The State Bank of Pakistan, under section 36 of the Act, requires the scheduled banks now maintain atleast 3.5% of demand and time liabilities with it.Abolition of CDR. Since September 1995, the SBP has taken a very bold step in abolishing the credit deposit ratio (CDR) as an instrument of credit control. It is a major step towar.... Read
Commercial banking in pakistan
... the members of the Clearing House managed and supervised by State Bank of Pakistan. The Statutory Cash Reserve Requirements of scheduled banks are now maintained at 5% of their total demand and time liabilities in Pakistan. In addition to this the commercial banks have to maintain a Special Deposit Account equal to 3.5% o their total time and demand liabilities in Pakistan. The commercial banks a.... Read
