DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 1

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DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 1

Last updated date: 25th Apr 2024

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Volume 1 Chapter 1 - Accounting for Partnership Firms – Fundamentals

DK Goel Solutions class 12 chapter 1 can be extremely helpful for students as it focuses on explaining the basics so that they understand the concept accurately. The first chapter deals with Accounting for Partnership Firms – Fundamentals and these solutions assist the students perfectly to grasp the methods while practicing them.

Accounting for Partnership Firms – Fundamentals is an integral part of the Accountancy syllabus that guides students to understand the core concepts of partnership. Students get to learn about important elements like a partnership agreement, duration, and their liabilities, how profit and loss are equally shared, etc.

The solved solutions available in Chapter 1 accounts class 12 DK Goel, are the best way to comprehend the concepts of this chapter. DK Goel Solutions Class 12 is curated by the experts to understand the concept well. Students can download Class 12 Accountancy chapter 1 pdf for free here.

Accounting for Partnership-Fundamentals is an important topic in your class 12 of Commerce. DK Goel Solutions class 12 will help you learn the important topics of Partnership Fundamentals. Here are some of the concepts that you will be learning in DK Goel Solutions class 12.

Partnership Fundamentals

The Indian Partnership Act of 1932 defines it as"A partnership is a relationship between people who have agreed to share the earnings of a business that is run by all of them or by one of them acting on behalf of all of them."

Partnership Features/Characteristics/Elements:

It can either be registered or not.
At least two people are required.

In order for a partnership firm to work, the persons who join it must agree. Oral or written agreements are possible. A Partnership Deed is a written agreement.

There must be a business or profit motivation in place.
There must be a Principal-Agent relationship.

Between the Partners and the Firm, as well as among the Partners themselves, there is a Principal-Agent relationship. A partner's actions can bind the company (other partners), and a partner's actions can bind him (other partners).

LLP: LLP stands for Limited Liability Partnership

The Limited Liability Partnership (LLP) Act of 2008 governs this type of partnership. The minimum number of partners required is two, while the maximum number of partners is unlimited.

You will also be reading about the Partnership Deed in DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 1.

Partnership Deed

It is a written document that contains the partnership agreement's clauses. It's also known as 'Partnership Articles.'

The following points are included:

The company's name
The firm's address is
The partners' names are
The partners' mailing addresses
The amount of money each partner has put in.
Whether Fixed Capital Accounts or Fluctuating Capital Accounts will be used.
Whether or whether interest on capital will be paid. If yes, what will the rate be?
Is there going to be an interest fee on the drawings? If yes, what will the rate be?
Profit-Sharing Ratio (PSR) between partners.
Whether or not the partners will be paid a salary. If yes, determine the amount of each partner's remuneration.
And a few other points.

In DK Goel Solutions for Class 12 Accountancy, you will also learn about Methods of preparation of Capital Accounts. Let’s have a look at what are the methods of preparation of Capital Accounts.

The Capital Accounts Can be Prepared in One of Two Ways:

Fixed Capital Accounts (FCA)
Capital Accounts That Fluctuate

Accounts of Fixed Capital:

The capitals of the partners are fixed and do not vary unless the capital is permanently withdrawn or Additional Capital is brought in.

Fluctuating Capital Accounts:

Only one account is created in this manner. The capital account balances are constantly shifting. The Capital Accounts must be prepared using the Fluctuating Capital Accounts Method in the absence of any instructions in the question.

Profit Guarantee for a Partner

A guarantee is a promise by one or more partners, and in certain situations, the firm, to guarantee a specific amount of profit, with the burden of proof falling on the party giving the guarantee. In other words, it is a set amount that must be paid by the partner who receives such a guarantee.

If the actual share of the profit is less than the guaranteed amount, the deficit will be borne by the firm or any of its partners, in most cases. In such a circumstance, a corporation will make numerous 'adjustments.' If the real profit share exceeds the minimum guarantee amount, the firm will pay the partner the actual profit share.

Access Other Chapters of DK Goel Solutions Class 12 Accountancy Volume 1

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FAQs on DK Goel Solutions Class 12 Accountancy Volume 1 Chapter 1

1. How to incorporate fast-solving techniques in Accountancy?

Students need to understand the concept first so that they can inculcate the habit of solving questions fast. Once the students figure out the concepts, solving questions from this chapter becomes relatively easy by putting in a little bit of effort. DK Goel Solutions Class 12 Chapter 1 provides tons of effective techniques that make it easier for the students to solve complicated questions in their board exam fast. Students will have the convenience to practice multiple-choice questions to check their problem-solving speed. Also, all the practical questions that follow the latest CBSE guidelines are there to enhance their skills. Additionally, this solution book also maintains accuracy so that students don’t face difficulty while solving a problem.

2. How is DK Goel Accountancy Class 12 Solutions Chapter 1 helpful for CBSE Students?

Students will have the convenience to practice multiple-choice questions to check their problem-solving speed. Also, all the practical questions that follow the latest CBSE guidelines are there to enhance their skills. Additionally, this solution book also maintains accuracy so that students don’t face difficulty while solving a problem.

3. Where to find complete solutions for the chapter Accounting for Partnership Firms – Fundamentals?

DK Goel Accountancy Class 12 Solutions Chapter 1 PDF can be downloaded for free from Vedantu. All the value-based solutions for the chapter Accounting for Partnership Firms – Fundamentals are properly given and also include the latest CBSE questions so that students can be prepared for tricky questions. DK Goel Solutions has a broad understanding of a variety of areas, including financial transactions, corporate records, information and technology, and many others, which allows students to maximize their academic potential. The accountancy syllabus for class 12 has 27 chapters. Each chapter is lively, defining a number of specific principles and concepts related to the topic.

4. What is the total number of sums in the DK Goel Solutions Financial Statement chapter?

There are a total of 18 problems in the Financial Statement chapter, all of which are easily solved using DK Goel answers. These solutions make it easier for students to address value-based challenges and provide a stepping stone to the pinnacle of exam performance. Technology is extremely important in today's world. As a result, DK Goel Solutions for Class 12 includes multiple chapters on information and technology to help students become more aware of it. DK Goel Solutions can help students prepare for the final exams.