Get the most accurate NCERT Solutions for Class 12 Accountancy Chapter 1 Accounting for Partnership Basic Concepts here. Updated for the 2025-26 academic session, these solutions are based on the latest NCERT textbooks for Class 12 Accountancy. Our expert-created answers for Class 12 Accountancy are available for free download in PDF format.
Detailed Chapter 1 Accounting for Partnership Basic Concepts NCERT Solutions for Class 12 Accountancy
For Class 12 students, solving NCERT textbook questions is the most effective way to build a strong conceptual foundation. Our Class 12 Accountancy solutions follow a detailed, step-by-step approach to ensure you understand the logic behind every answer. Practicing these Chapter 1 Accounting for Partnership Basic Concepts solutions will improve your exam performance.
Class 12 Accountancy Chapter 1 Accounting for Partnership Basic Concepts NCERT Solutions PDF
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
Please click the link below to download NCERT Solutions Class 12 Accountancy Accounting for Partnership Basic Concepts.
| NCERT Solutions Class 12 Accountancy Chapter 2 Accounting for Partnership Basic Concepts |
| NCERT Solutions Class 12 Accountancy Chapter 3 Reconstitution of a Partnership Firm Admission of a Partner |
| NCERT Solutions Class 12 Accountancy Chapter 4 Reconstitution of a Partnership Firm Retirement Death of a Partner |
| NCERT Solutions Class 12 Accountancy Chapter 5 Dissolution of Partnership Firm |
| NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Share Capital |
| NCERT Solutions Class 12 Accountancy Chapter 2 Issue and Redemption of Debentures |
| NCERT Solutions Class 12 Accountancy Chapter 3 Financial Statements of a Company |
| NCERT Solutions Class 12 Accountancy Chapter 4 Analysis of Financial Statements |
| NCERT Solutions Class 12 Accountancy Chapter 5 Accounting Ratios |
| NCERT Solutions Class 12 Accountancy Chapter 6 Cash Flow Statement |
| NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Not for Profit Organisation |
Important Practice Resources for Class 12 Accountancy
NCERT Solutions Class 12 Accountancy Chapter 1 Accounting for Partnership Basic Concepts
Students can now access the NCERT Solutions for Chapter 1 Accounting for Partnership Basic Concepts prepared by teachers on our website. These solutions cover all questions in exercise in your Class 12 Accountancy textbook. Each answer is updated based on the current academic session as per the latest NCERT syllabus.
Detailed Explanations for Chapter 1 Accounting for Partnership Basic Concepts
Our expert teachers have provided step-by-step explanations for all the difficult questions in the Class 12 Accountancy chapter. Along with the final answers, we have also explained the concept behind it to help you build stronger understanding of each topic. This will be really helpful for Class 12 students who want to understand both theoretical and practical questions. By studying these NCERT Questions and Answers your basic concepts will improve a lot.
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The complete and updated is available for free on StudiesToday.com. These solutions for Class 12 Accountancy are as per latest NCERT curriculum.
Yes, our experts have revised the as per 2026 exam pattern. All textbook exercises have been solved and have added explanation about how the Accountancy concepts are applied in case-study and assertion-reasoning questions.
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