Class 12 Accountancy NCERT Solutions Chapter 2 - Accounting for Partnership
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FAQs on NCERT Solutions for Class 12 Accountancy Chapter 2 - Accounting for Partnership
Q1. Explain what is meant by a partnership deed.
Ans: 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.
Q2. Why is it considered desirable by a partnership to create a deed in writing?
Ans: 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.
Q3. Mention a circumstance under which the fixed capitals of partners can be changed.
Ans: 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.
Q4. What is a partnership?
Ans: 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.
Q5. What are the features of Partnership?
Ans: Following are the features of partnership:
A partnership firm must have a minimum of two partners, but it does not define a maximum number of partners.
A partnership is formed based on an agreement, which might be oral or written.
A partnership must be formed to carry on a legal business for profit.
A relationship of the mutual agency should exist between all the partners.
The profit-sharing agreement between the parties must be implied.
A partnership's liability is limitless.
Q6. What is the Profit-sharing Ratio?
Ans: Profit-Sharing Ratio is one of the provisions of the Partnership Act 1932. Under the profit-sharing ratio, if the partnership deed does not provide a profit-sharing ratio, profits and losses are to be shared equally by all partners, regardless of their capital contributions to the firm. Learn more about the profit-sharing ratio and other provisions of the partnership act 1932 and their application at the website of Vedantu.
Q7. Explain Provisions of Partnership Act 1932.
Ans: The Partnership Act 1932 stipulates that profits are shared equally among the partners, that no partner is entitled to remuneration, that no interest on capital is authorized, and that no interest on draws is imposed. If a partner has provided the firm with a loan, he is entitled to interest at the rate of 6% per year on that loan. To know more about these provisions, check out Class 12 Accountancy Chapter 2.
Q8. What are the important topics covered in Class 12 Accountancy Chapter 2?
Ans: Following are the topics that you should pay attention to while preparing for your exams:
Nature of Partnership
Partnership Deed
Provisions of Partnership Act Relevant for Accounting
Aspects of Partnership Accounts
Maintenance of Capital Accounts of Partners
The distinction between Fixed and Fluctuating Capital Accounts
Profit and Loss Appropriation Account
Interest on Capital
Interest on Drawings
Guarantee of Profit to a Partner
Treatment of past adjustments.
Q9. Do I have to pay to download NCERT Solutions?
Ans: No, not at all. You can get access to all the NCERT Solutions and can download their PDFs at absolutely no cost. The NCERT textbook solutions include answers to all of the problems given in the textbooks for classes 1-12. The syllabus follows the NCERT guidelines, and the solutions and problems are fresh and latest. So, start studying for your forthcoming final exams by downloading the PDF from the page NCERT Chapter 12 Accountancy Chapter 2 or from the Vedantu app at free of cost.
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