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NCERT Solutions for Class 12 Accountancy Chapter 2 - Accounting for Partnership

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Class 12 Accountancy NCERT Solutions Chapter 2 - Accounting for Partnership
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Have you ever wondered why the lives of students are difficult? If an individual looks carefully, he or she will realize that students have so many tasks to do in a single day. This means that when it comes to subjects like Accounts, then students often have trouble staying on top of everything.

Accountancy as a subject can be very interesting. But this subject is also very demanding. And this is why we at Vedantu have decided to provide all students with Class 12 Accountancy Partnership Accounts NCERT solutions Chapter 2.

Students can download the solution of Chapter 2 Accounts Part 1 Class 12 by clicking on the pdf link available below on this page. We also have solutions for other chapters and subjects on our platform.

Class 12 Accountancy Part 1 Chapter 2 part-1
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FAQ (Frequently Asked Questions)

1. Explain what is meant by a partnership deed.

A partnership deed or partnership agreement can be defined as a document with all details and rights concerned with the responsibilities of all the parties involved in a business. This is a very important document.

2. Why is it considered desirable by a partnership to create a deed in writing?

According to the Partnership Act passed in 1932, it is not necessary for partnership firms to have a written document of agreement. But this document is preferred by many firms as it helps in avoiding any issues or disputes regarding the responsibilities of all the parties that are concerned or involved in the partnership.

3. Mention a circumstance under which the fixed capitals of partners can be changed.

A scenario under which the fixed capitals of partners can be changed is when fresh capital is introduced in the firm with the consent and agreement of other partners.

4. What is a partnership?

Partnership can be defined as an agreement between two or more parties. Under this agreement, all the parties have agreed to share profits and losses with one another.