12th class CBSE accountancy
Fundamentals of Partnership for 12th all boards, CPT, CS FOUNDATION
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What You Will Learn!
- You will have very sound understanding about Fundamentals of Partnership
- You will learn MCQs & VSQs in very stylish way that you have never imagined
- You will clear this chapter's CONCEPTS and QUESTIONS with utmost clarity
- The chapters ahead will become very easy for you to understand and you will get through with flying colors in your exams.
Description
You will learn everything about Fundamentals of Partnership. In this chapter, you will learn about Meaning of Partnership, Essential features or characteristics of Partnership, Rights of Partners, Liabilities of Partners, Meaning and Clauses and Importance of Partnership Deed, Provisions of Indian Partnership Act 1932, affecting the accounting treatment in the absence of Partnership Deed Profit and Loss Appropriation account, Partners Capital Account, Interest on Capital and Drawings, Guarantee to Partner or to the Firm.
MEANING AND DEFINITION OF PARTNERSHIP
Partnership is defined by Indian Partnership Act, 1932, Section 4, as follows:
"Partnership is the relation between persons who have agreed to share the profits of a business carried
on by all or any of them acting for all."
A partnership, thus, is a business relationship between/among two or more persons to share profits and losses of the business, carried on by all or any of them acting for all.
Partners, Firm and Firm Name: The persons who have entered into a partnership with one another individually are called partners and collectively a firm. The name under which the business is carried is called firm name.
Partnership, from the legal viewpoint, is not a separate legal entity from its partners since firm's debts are payable from personal assets of the partners, if the firm is unable to repay its liabilities.
However, Partnership is a separate business entity from the accounting viewpoint.
Nature of Partnership
Who Should Attend!
- This course is for 12th Class, CS FOUNDATION AND CPT Students