Financial Accounting Lecture 01

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Presentation transcript:

Financial Accounting Lecture 01

Types of Business Entities Sole Proprietorship Partnership Companies All points together

Sole Proprietorship All points together

Partnership All points together

Partnership Partnership in Pakistan are governed by Partnership Act 1932 All points together

Partnership Maximum number of partners in a partnership is 20. Exceptions – Firms of Lawyers, Doctors, Chartered Accountants Points to appear one by one

Joint and Several Liability All liabilities of the business are the joint and several responsibility of the surviving partners in case of death of one partner. Points to appear together

Un-Limited Liability If the assets of the partnership are not enough to repay all debts or liabilities then personal assets of partners should be disposed off to repay the liabilities. Points to appear together

Companies All points together

Limited Company Companies are formed under Companies Ordinance 1984. All points together

Types of Limited Company Private Limited Companies Public Limited Companies All points together

Limited Liability Liability of individual shareholder is limited to the amount of capital contributed by him. All points together

Types of Public Limited Companies Listed Companies Un-Listed Companies All points together

Single Member Companies All points together

Non-Profit Organizations All points together

Non-Profit Organizations Non-Government Organizations (NGO’s) Trusts Societies Foundations All points together

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