NCERT Solutions Class 12 Accountancy Accounting for Partnership Basic Concepts

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NCERT Solutions Class 12 Accountancy Accounting for Partnership Basic Concepts. The NCERT solutions for Class 12 Accountancy book have been made by Accountancy teacher of one of the best CBSE school in India. Accountancy in class 12 is an important subject for commerce students. Its easy to learn and can help to get good marks. These NCERT solutions have been made to give detailed answers and explanations which can be easily understood by the students. Accountancy for commerce students is rather so important that in all future cources or even in graduation accountancy is the main subject and if understood properly can bethe most scoring also. You can download the NCERT solutions for free in pdf format. Refer to other links also to download Class 12 Accountancy NCERT solutions, worksheets, sample papers and test papers.

TEST YOUR UNDERSTANDING – I

1. Mohan and Shyam are partners in a firm. State whether the claim is valid if the partnership agreement is silent in the following matters: (i) Mohan is an active partner. He wants a salary of Rs. 10,000 per year;

Answer Invalid I In the absence of partnership agreement, no interest on capital, interest on drawings, salary, commission is to be allowed to partners.

(ii) Shyam had advanced a loan to the firm. He claims interest @ 10% per annum;

Answer Invalid Interest on partners loan to be allowed @ 6% pa,

(iii) Mohan has contributed Rs. 20,000 and Shyam Rs. 50,000 as capital. Mohan wants equal share in profits.

Answer Valid Profit and losses are to be shared equally.

(iv) Shyam wants interest on capital to be credited @ 6% per annum.

Answer Invalid No interest on capital is to be allowed to partners.

2. State whether the following statements are true or false:

(i) Valid partnership can be formulated even without a written agreement between the partners;

Answer True

(ii) Each partner carrying on the business is the principal as well as the agent for all the other partners;

Answer True

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