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

Q: 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.

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Class 12 Accountancy NCERT Solutions Chapter 2 - Accounting for Partnership

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.

Last updated date: 22nd Sep 2023

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Related Chapters

Reconstitution of A Partnership Firm – Admission of A Partner

Reconstitution of A Partnership Firm – Retirement/Death of A Partner

Dissolution of Partnership Firm

NCERT Solutions for Class 12 Accountancy Chapter 2

NCERT Solution of Class 12 Accountancy Part 1 Chapter 2 - Free PDF Download

Accountancy is a tricky subject in which students can also score good marks if they practice NCERT questions regularly. This is why it is often recommended to students that they should solve Ch 2 Accounts Part 1 Class 12 questions. There are also other chapters in the book that students should not ignore.

It is also important for students to remember that they should not just blindly solve questions. Instead, students need to take up a smart approach. For example, students should download CBSE Chapter 2 of Accounts Partnership Accounts Class 12 solutions pdf available on this page.

After downloading the Accountancy Ch 2 Class 12 Accounts Partnership Accounts solutions, students should look at the proper format of answering questions. This is important as it will allow students to avoid unnecessary mistakes during the final examination.

After that, students should focus on the answer to questions that they did not know anything about. This strategy will allow students to score better marks than ever.

NCERT Solution for Class 12 Accountancy Part 1 Partnership Accounts - Free PDF Download

We at Vedantu provide students with all the academic help that they might need to score the highest grades possible. We provide students with complete NCERT solutions support.

Students can download NCERT solutions for Class 12 Accountancy Chapter 2 Part 1 from our platform. Students can use the Vedantu platform to download the solutions of other chapters as well.

It might be interesting for students to note that the solutions of Part 1 Chapter 2 Accounting for Partnership are written by the best teachers in India. Further, all the CBSE guidelines were followed to answer the questions. We also follow a similar approach to answer the questions of other chapters in other subjects as well.

Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership

Chapter 2 of Part 1 Accountancy NCERT book teaches students everything that they need to know in regard to accounting that takes place within a partnership firm. There are many interesting topics within this chapter that students can look forward to.

To further enhance the interest of students in this chapter, educators can discuss various examples and real-life case studies while working on this chapter. It can also be beneficial to conduct an exercise within the class where groups can be divided into partnership firms amongst the students.

Marks Weightage of Class 12th Accounts Part 1 Chapter 2

Chapter 2 of Part 1 Class 12th Accounts NCERT books fall under the category of unit 1. Under this unit, students can be asked all sorts of questions ranging from short answer questions to long answer questions.

The total marks weightage of the unit is 12 marks. Hence, students should go over this unit carefully. If there are any doubts that students come across, then they should make sure to get those doubts resolved as soon as possible.

Benefits of NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2 Accounting for Partnership

There are many benefits that students can experience by downloading Accounting Partnership Accounts Chapter 2 Class 12 solutions from Vedantu. And some of those benefits are mentioned below.

All answers are written by the best and highly experienced teachers in India.
All answers are written according to the guidelines set by CBSE.
In case of further doubt, students can post questions on the Vedantu platform.
Students can also take live online classes at Vedantu.
Students can carry out discussions and connect with fellow learners on Vedantu to make learning a more interactive process.

Apart from these benefits, there are many other advantages that students can experience if they decide to download NCERT solutions from Vedantu. You can experience all these benefits and more too. Just download the Vedantu app today and make learning fun!

How Would Vedantu Study Material Help in Making Learning Better?

We at Vedantu know that education is a big part of the lives of all students. This is why we strongly feel that it is the job of everybody in this industry to make learning as fun and interactive as possible for students.

Because of these reasons, we provide students with a range of educational services. Students can use our platform to ask any questions that they might have. Students can carry out discussions with other learners and educators on important topics and issues.

At Vedantu, we also conduct live classes. Students can enroll in those classes to improve their knowledge and get a better understanding of the type of questions that will be appearing in their final examination.

At Vedantu, students can do all this and more. The only step that you need to take to enter into the world of academics where learning is fun is by downloading the Vedantu app now!

Access Other Chapters of NCERT Solutions for Class 12 Accountancy - Partnership Accounts (Part 1)

NCERT Solutions for Class 12 Accountancy I Chapter 1

NCERT Solutions for Class 12 Accountancy I Chapter 5

Conclusion

NCERT Solutions for Class 12 Accountancy Chapter 2 - Accounting for Partnership provide a comprehensive understanding of partnership accounting principles and practices. These solutions offer step-by-step explanations and practical examples that help students grasp the complexities of partnership accounting. By covering crucial topics like profit-sharing ratios, admission of partners, and revaluation of assets and liabilities, these solutions equip students to handle real-life accounting scenarios confidently. The emphasis on partnership deeds, retirement, and dissolution aids in developing a deeper comprehension of partnership accounting. Ultimately, NCERT Solutions for Class 12 Accountancy Chapter 2 pave the way for students to excel in partnership accounting and build a strong foundation for their future in commerce and finance.

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.