Maharashtra Board Class 12th Solutions for Accountancy Chapter 1 Introduction to Partnership – Download PDF with Solutions
Introduction to Partnership is a very important chapter in the Class 12 Accountancy Syllabus for Maharashtra Board students. So, for students who want to excel in their Class 12 board exams, it is important to download the Introduction to Partnership and Partnership Final Accounts solutions from Vedantu in order to gain a better understanding of the chapter.
The solutions for Introduction to Partnership have been curated by Vedantu experts. These solutions have been created according to the syllabus of Class 12 MSBSHSE. In order to understand the concepts of partnership and other related terms, students can download the 12th Final Accounts Problems with Solutions from Vedantu right now.
Maharashtra Board Class 12 Solutions for Accountancy Chapter 1 Introduction to Partnership and Partnership Final Accounts - PDF will be uploaded soon
FAQs on Maharashtra Board Class 12 Solutions for Accountancy Chapter 1 Introduction to Partnership and Partnership Final Accounts
1. To which account is the interest payable on the capitals of partners changed?
The interest payable in the above-mentioned case is changed to the Profit and Loss Appropriation Account.
2. What is a partnership deed?
A partnership deed can be defined as a record that outlines all the rights and functions of the parties included in the business operations. A partnership deed has the force of law and acts as a guide for partners in different conducts of the business.
3. What are the main features of a partnership?
The main features of a partnership are:
More than one partner
Sharing of profit
4. How does the Indian Partnership Act of 1932 define partnership?
According to the Indian Partnership Act, 1932, a partnership is the relationship between people who have agreed to share their profits of the business carried on by all or any one of them acting for all.
5. In the absence of an agreement stating the contrary, what is the ratio of profits shared by the partners?
The partners will have an equal ratio for sharing the profits in such a case.