NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2 provides you with comprehensive information on all the basic concepts related to CBSE Class 12 Accounting for Partnership Firms. And NCERT has designed solutions for the same by keeping in mind the syllabus prescribed by the CBSE Class 12 Board Exam. The chapter-wise solutions from NCERT thoroughly explain all the concepts related to chapter two, including the meaning of partnership, a firm’s relationship, and the relationship between them.
- All you need to know about NCERT Solutions for Class 12 Accountancy
NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2 – Accounting for Partnership NCERT Solutions
NCERT Solutions for Class 12 Accountancy Chapter 2 Accounting for Partnership Firms
You will find more information about the topics that appear in Accounting for Partnership Firms in the following section. Students of CBSE class 12 must also note that chapter-wise solutions for Accountancy by NCERT are available as PDF, which they can download from various partner websites. So, you will also get NCERT Solutions for Chapter 2, that is, Accounting for Partnership Firms, which you can download as a PDF.
Class 12 Accountancy Chapter 2 Accounting for Partnership Firms – Overview
The chapter begins with the concept, partnership, by saying that two or more people form a partnership firm. It also tells us that people who create partnership firms must be like-minded. In that, the goals that they have in mind should be the same. Furthermore, partnerships can form only through mutual agreement. It means that two or more people who decide to form a partnership firm should agree to all the terms and conditions and share the profits. And although the agreement need not be in writing, it is best if it is to avoid any conflicts or complications that may arise later.
The agreement should also say that the two or more people, having formed the partnership firm, must do the mutually agreed business. So, the chapter makes students understand the concept of a partnership firm and how it affects businesses.
Concepts covered in NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2
- Nature of partnership
- Partnership Deed
- Special aspects of partnership accounts
- Maintenance of capital accounts of partners
- Past Adjustments
- Final Accounts
Marks Weightage of Class 12th Accounts Part 1 Chapter 2
This unit has a total weightage of 12 marks. Students can be asked a variety of questions in this subject, ranging from short answer questions to extended answer questions.
Highly Important Links For CBSE Class 12 Accountancy
NCERT books and solutions are available for download as PDF. So, you can download them here, and start preparing for the exams:
Benefits of NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2 PDF
In the sections that follow, you will know how chapter-wise solutions by NCERT for Accountancy will help students of CBSE class 12:
1. You Get to Learn Various Concepts Related to Partnership Firms
By going through NCERT solutions for Chapter Two in Accountancy, you will know how a partnership firm works and how it affects various businesses. Additionally, you will also learn about partnership deeds and other related things, such as how you should draft them.
2. You Develop a Strong Conceptual Understanding of Accountancy
NCERT solutions will help you to develop a sound foundational knowledge in Accountancy. Accounting for Partnership Firms is an essential concept in the subject for the exams and those who aspire to become accountants.
3. It Will Help You with the Board Exams
NCERT Solutions for Accountancy and chapter-wise solutions for chapter two, Accounting for Partnership, should help you come out on top in the board exams. They have answers to every question that may appear in the question paper.
4. It is Easy to Understand
NCERT solutions are easy to understand, as each chapter and concept logically follows the other. Also, this logical arrangement of the different concepts makes for easy navigation.
We have covered the detailed guide on CBSE NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2. Feel free to ask any questions in the comment section below.
FAQs on NCERT Solutions for Class 12 Accountancy Chapter 2
Explain what a partnership deed entails?
A partnership deed, also known as a partnership agreement, is a document that contains all of the data and rights pertaining to the obligations of all persons involved in a business.
What are the benefits of the CBSE NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2?
Go through the above blog for the benefits of solving NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2.
Mention a situation in which a partner’s fixed capital can be altered?
When new capital is introduced into the firm with the consent and agreement of other partners, the fixed capitals of the partners can be altered.
What is the definition of a partnership?
An arrangement between two or more parties is referred to as a partnership. All parties have agreed to share profits and losses under the terms of this agreement.
Is it possible to get the NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2 for free?
Yes, students can get the NCERT Solutions for Class 12 Accountancy Part 1 Chapter 2 in PDF format for free from the above article.