NCERT Solutions for Class 12 Accountancy - Partnership Accounts

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Class 12 Accountancy NCERT Solutions - Partnership Accounts

The NCERT Solutions For Class 12 Accountancy Partnership Accounts are accurate and play a significant role in securing good scores in the Board examinations. The NCERT Solutions for Class 12 Accountancy provides chapter-wise details along with a wide range of illustrative examples to improve subject knowledge and help students to comprehend and learn quickly. Students preparing for their Class 12 board examinations should refer and go through the NCERT solutions to secure good grades. The NCERT solutions are solved by professionals and expert teachers to help students know how to approach, decode, and solve the problems in the exam.

FAQ (Frequently Asked Questions)

1. Illustrate How Interest Regarding Money Withdrawals will be Calculated Under Various Situations.

Ans. Whenever a partner withdraws from the firm, any amount in the form of cash or other forms withdrawal solely for personal consumption is called drawings. The cumulative interest on drawings is often the amount that is charged by the firm as interest on the total amount withdrawn as drawings. However, the interest calculation is highly dependent on the frequency and the total time variations in which the drawings are made. These are a few situations that can illustrate where and how calculations are done for the interest charged on drawings.

2. State the Definition of  Partnership Deed.

Ans. A partnership deed is a standard reference to a partnership agreement, which is a document of high significance. The Partnership Deed contains all the details about the rights and responsibilities of the concerned parties involved in a particular business. The deed of agreement helps to prevent any disagreements or disputes that are possible to arise between partners over their role in the business. The deed also comprises benefits from the partnership in the firm.

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