Class 12 Accountancy NCERT Solutions Chapter 2 - Accounting for Partnership
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: Partnership enterprises are not needed to establish a written agreement under the Partnership Act of 1932. Yet, many organisations prefer this structure since it helps to minimise problems or fights regarding the responsibility of all partners.
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: Profits are divided equally among the partners, no partner is entitled to pay, no interest on capital is authorised, and no interest on withdrawals is enforced, according to the Partnership Act of 1932. If a partner makes a loan to the company, he is entitled to 6% interest per year on that debt. Go study Class 12 Accounting Chapter 2 to learn more about these regulations.
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 way, no how. You may have access to all of the NCERT Solutions and download their PDFs for free. The NCERT textbook solutions provide solutions to all of the problems found in the textbooks for grades 1 through 12. The syllabus adheres to NCERT rules, and the solutions and problems are current and up to date. Begin preparing for your upcoming final exams by downloading the PDF from the NCERT Chapter 12 Accounting Chapter 2 page or the Vedantu app for free.