NCERT Solutions Class 12 Accountancy Accounting for Partnership Basic Concepts

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

Please click the link below to download NCERT Solutions Class 12 Accountancy Accounting for Partnership Basic Concepts.

Tags: 

 


Click to View or Download pdf file
Click for more Accountancy Study Material

Latest NCERT & CBSE News

Read the latest news and announcements from NCERT and CBSE below. Important updates relating to your studies which will help you to keep yourself updated with latest happenings in school level education. Keep yourself updated with all latest news and also read articles from teachers which will help you to improve your studies, increase motivation level and promote faster learning

Class 10 Board Exams to be held

The CBSE board has announced that there is no change in the decision of conducting the CBSE board exams for the 29 subjects, which were canceled due to coronavirus crisis. So when the lockdown gets relaxed completely, the board will conduct the exams for the students,...

Important announcement regarding rescheduling of Class 10 and 12 Board Exams

CBSE Board Exams 2020: Here's when Board will organize the CBSE Class X and Class XII Board Exams. All the candidates appearing for CBSE Standard X and Standard XII Board Exams 2020 can cross check the essential notice released by the board concerning rearrangement of...

CBSE advisory on student marks

CBSE has issued a public advisory for all students to be careful from unscrupulous persons impersonating themselves as officers/officials of CBSE. These people have been contacting parents and have been telling them that they have access to student marks data for Board...

Checking of Boards Answer sheets starts today

CBSE has instructed almost 3000 schools to start the evaluation work for class 10th and class 12th board exam answer sheets from today. The checking of answer sheets for class 10th and class 12th was stopped earlier due to covid crisis in the country. Now in order to...

Class 10 Datesheet announced

CBSE has announced the date sheet for the remaining class 10 Board Exams, see dates below

CBSE Board 2020 Important announcement regarding rescheduling of Class 10 12 Board Exams

CBSE Board Exams 2020: Here's when Board will organize the CBSE Class X and Class XII Board Exams.   All the candidates appearing for CBSE Standard X and Standard XII Board Exams 2020 can cross-check the essential notice released by the board concerning the...

×
Studies Today