{"id":85932,"date":"2023-07-12T18:38:00","date_gmt":"2023-07-12T13:08:00","guid":{"rendered":"https:\/\/www.kopykitab.com\/blog\/?p=85932"},"modified":"2025-07-12T13:14:04","modified_gmt":"2025-07-12T07:44:04","slug":"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2","status":"publish","type":"post","link":"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/","title":{"rendered":"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals 2026"},"content":{"rendered":"\n<p><img class=\"alignnone size-full wp-image-136220\" src=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-2-Accounting-for-Partnership-firms-fundamentals-scaled.jpg\" alt=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals\" width=\"2048\" height=\"1152\" srcset=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-2-Accounting-for-Partnership-firms-fundamentals-scaled.jpg 2048w, https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-2-Accounting-for-Partnership-firms-fundamentals-768x432.jpg 768w, https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/10\/Chapter-2-Accounting-for-Partnership-firms-fundamentals-1536x864.jpg 1536w\" sizes=\"(max-width: 2048px) 100vw, 2048px\" \/><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2: <\/strong>We <\/span><span data-preserver-spaces=\"true\">will provide all the important topics in detail which are covered in the chapter along with TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2. You can easily download the free PDF for Class 12 Accountancy Vol1 Chapter 2 Solutions.&nbsp;<\/span><\/p>\n<ul>\n<li>Read More: <a href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions\/\" target=\"_blank\" rel=\"noopener\">TS Grewal Class 12 Solutions&nbsp;<\/a><\/li>\n<\/ul>\n<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_47_1 counter-hierarchy ez-toc-counter ez-toc-grey ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\">Table of Contents<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"ez-toc-toggle-icon-1\"><label for=\"item-69d10e3004d33\" aria-label=\"Table of Content\"><span style=\"display: flex;align-items: center;width: 35px;height: 30px;justify-content: center;direction:ltr;\"><svg style=\"fill: #000000;color:#000000\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #000000;color:#000000\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/label><input  type=\"checkbox\" id=\"item-69d10e3004d33\"><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 eztoc-visibility-hide-by-default' ><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-pdf\" title=\"Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2 PDF\">Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2 PDF<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#detailed-topics-%e2%80%93-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\" title=\"Detailed Topics &#8211; TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2&nbsp;\">Detailed Topics &#8211; TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2&nbsp;<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-2'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-sample-questions\" title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2 Sample Questions&nbsp;&nbsp;\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2 Sample Questions&nbsp;&nbsp;<\/a><ul class='ez-toc-list-level-3'><li class='ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-4\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#faq-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-accounting-for-partnership-firms-fundamentals\" title=\"FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals\">FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-5\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#what-are-the-accounts-maintained-in-a-partnership-firm\" title=\"What are the accounts maintained in a partnership firm?\">What are the accounts maintained in a partnership firm?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-6\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#who-is-a-partner-in-class-12\" title=\"Who is a partner in class 12?\">Who is a partner in class 12?<\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-7\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#can-i-download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-accounting-for-partnership-firms-fundamentals\" title=\"Can I download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals \">Can I download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals <\/a><\/li><li class='ez-toc-page-1 ez-toc-heading-level-3'><a class=\"ez-toc-link ez-toc-heading-8\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/#can-i-open-pdfs-on-my-smartphone\" title=\"Can I open PDFs on my smartphone? \">Can I open PDFs on my smartphone? <\/a><\/li><\/ul><\/li><\/ul><\/nav><\/div>\n<h2><span class=\"ez-toc-section\" id=\"download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-pdf\"><\/span><span data-preserver-spaces=\"true\">Download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2 PDF<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><a href=\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/04\/TS-Grewal-Class-12-Accountancy-Solutions-Vol-1-Chapter-1-1.pdf\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 1<\/a><\/p>\n<div id=\"example1\" style=\"text-align: justify;\">&nbsp;<\/div>\n<p style=\"text-align: justify;\"><style>\n.pdfobject-container { height: 500px;}<br \/>\n.pdfobject { border: 1px solid #666; }<br \/>\n<\/style><\/p>\n<p style=\"text-align: justify;\"><script src=\"https:\/\/www.kopykitab.com\/_utility\/js\/pdfobject.min.js\"><\/script><br><script>PDFObject.embed(\"https:\/\/www.kopykitab.com\/blog\/wp-content\/uploads\/2021\/04\/TS-Grewal-Class-12-Accountancy-Solutions-Vol-1-Chapter-1-1.pdf\", \"#example1\");<\/script><\/p>\n<h2><span class=\"ez-toc-section\" id=\"detailed-topics-%e2%80%93-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\"><\/span><span data-preserver-spaces=\"true\">Detailed Topics &#8211; TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2&nbsp;<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">The chapter Accounting for Partnership Firms- Fundamentals include these topics.&nbsp;&nbsp;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">At the start of the chapter, the students will review the Partnership Act:-&nbsp;&nbsp;<\/span><\/p>\n<ol>\n<li><span data-preserver-spaces=\"true\">According to Section 4 of the Indian Partnership Act, of 1932- A partnership is the relationship between two or more persons who have agreed to share the profits of a business carried on by any one of them acting for all.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The students will learn about the features of partnership: Two or more persons, Agreement, Existence of business and the profit motive, Sharing of Profits, Business carried on by or any of them acting for all, and Relationship of Principal and Agents.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Partnership Deed: the partners need to make some terms and conditions agreed upon by the partners. However, to avoid misunderstanding and disputes the Partnership Deed is made which I\u2019d duly signed and registered under the Act.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The partnership Deed contains the Name and Address of the firm and partners, duration, interest on capital, nature, and place of business, Capital contribution by each partner, drawing, and interest on drawings, profit sharing ratio, interest on the loan, partners salary, valuation of goodwill methods, Accounting period, rights and duties, the opening of bank account, rules to be followed, revaluation of assets and liabilities, auditing, date of commencement of Partnership.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Benefits of partnership deed&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Distribution of Profits among Partners&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">The journal entries regarding profit and loss appropriation account: transfer of the balance of profit and loss account, interest on capital, salary Commission payable, transfer of reserves, interest on drawings,&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Partners capital account&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Fluctuating capital accounts&nbsp;<\/span><\/li>\n<\/ol>\n<h2><span class=\"ez-toc-section\" id=\"ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-sample-questions\"><\/span><span data-preserver-spaces=\"true\">TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2 Sample Questions&nbsp;&nbsp;<\/span><span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span data-preserver-spaces=\"true\">In this section, the students will get TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2 Sample Question. These will provide a glimpse of the questions.&nbsp;&nbsp;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\"><strong>Q1. What share of profit would a sleeping partner who has contributed 75% of the total capital get in the absence of a deed?<\/strong> &nbsp;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A. In the absence of the Partnership Deed, if nothing is fixed about the Profits and losses by the partners in the fees, then the Partners share profits and losses in an equal ratio. So, in this case, even if the sleeping partner has contributed 75% of the tit Capital of the firm, the provisions of the Partnership Deed imply distribution of Profits and losses will be shared by all the partners equally.&nbsp;&nbsp;<\/span><\/p>\n<p><strong>Q2. State the provisions of the Partnership Act, 1932, in the absence of a Partnership Deed regarding&nbsp;&nbsp;<\/strong><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Interest in Partner\u2019s Drawings&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Interest in Advances other than capital&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\">&nbsp;The provisions of the Partnership Act, of 1932, in the absence of a Partnership Deed regarding, are:-&nbsp;&nbsp;<\/span><\/p>\n<ul>\n<li><span data-preserver-spaces=\"true\">Interest on Partner\u2019s Drawing: In the absence of a Partnership Deed there is no provision to provide Interest on Drawings in Partnership Act, 1932.&nbsp;&nbsp;<\/span><\/li>\n<li><span data-preserver-spaces=\"true\">Interest on Advances other than capital: Advance other than capital is treated as a loan to the firm. In the absence of a Partnership deed, according to the Partnership Act of 1932, the partners are entitled to 6% p.a. interest in loans forwarded by them to the firm.&nbsp;&nbsp;<\/span><\/li>\n<\/ul>\n<p><span data-preserver-spaces=\"true\"><strong>Q3. What is a Profit and Loss Appropriation Account? <\/strong>&nbsp;<\/span><\/p>\n<p><span data-preserver-spaces=\"true\">A. A partnership firm, like a proprietorship firm, prepares Trading Account, Profit and Loss Account, and Balance Sheet. Also, a partnership firm prepares a Profit and Loss Appropriation Account to which net profit or net loss as per the Profit and Loss Account is transferred to show its appropriation.&nbsp;&nbsp;<\/span><\/p>\n<p>We have included complete information regarding <span data-preserver-spaces=\"true\"><a href=\"http:\/\/www.cbse.gov.in\" target=\"_blank\" rel=\"noopener\">CBSE<\/a> TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals. If you have any questions feel free to ask in the comment section.&nbsp;<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"faq-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-accounting-for-partnership-firms-fundamentals\"><\/span>FAQ: TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals<span class=\"ez-toc-section-end\"><\/span><\/h3>\n\n\n<div id=\"rank-math-faq\" class=\"rank-math-block\">\n<div class=\"rank-math-list \">\n<div id=\"faq-question-1633525400373\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"what-are-the-accounts-maintained-in-a-partnership-firm\"><\/span>What are the accounts maintained in a partnership firm?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Most of the transactions relating to the partners of the firm are recorded in the books of the firm through their\u00a0capital accounts. This includes various transactions like money brought in by the partner, withdrawal of the capital, the share of profit, interest on drawings, interest on capital, etc.<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633525420396\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"who-is-a-partner-in-class-12\"><\/span>Who is a partner in class 12?<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>In India, a Partnership firm is governed by the Indian Partnership Act 1932. Section 4 of this act defines partnership as: &#8221;\u00a0The relationship between persons, who have agreed to share the profits of a business carried on by all or any one of them acting for all.&#8221;<\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633525422292\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"can-i-download-ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2-accounting-for-partnership-firms-fundamentals\"><\/span>Can I download TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Yes, you can download a free PDF for TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals. <\/p>\n\n<\/div>\n<\/div>\n<div id=\"faq-question-1633525426711\" class=\"rank-math-list-item\">\n<h3 class=\"rank-math-question \"><span class=\"ez-toc-section\" id=\"can-i-open-pdfs-on-my-smartphone\"><\/span>Can I open PDFs on my smartphone? <span class=\"ez-toc-section-end\"><\/span><\/h3>\n<div class=\"rank-math-answer \">\n\n<p>Yes, you can open PDFs on any device. <\/p>\n\n<\/div>\n<\/div>\n<\/div>\n<\/div>","protected":false},"excerpt":{"rendered":"<p>TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2: We will provide all the important topics in detail which are covered in the chapter along with TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2. You can easily download the free PDF for Class 12 Accountancy Vol1 Chapter 2 Solutions.&nbsp; Read More: TS &#8230; <a title=\"TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals 2026\" class=\"read-more\" href=\"https:\/\/www.kopykitab.com\/blog\/ts-grewal-class-12-accountancy-solutions-vol-1-chapter-2\/\" aria-label=\"More on TS Grewal Class 12 Accountancy Solutions Vol 1 Chapter 2- Accounting for Partnership Firms- Fundamentals 2026\">Read more<\/a><\/p>\n","protected":false},"author":244,"featured_media":136220,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"fifu_image_url":"","fifu_image_alt":""},"categories":[1,2917,73693,73712,73410],"tags":[3041,75091,75094],"amp_enabled":true,"_links":{"self":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85932"}],"collection":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/users\/244"}],"replies":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/comments?post=85932"}],"version-history":[{"count":4,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85932\/revisions"}],"predecessor-version":[{"id":574360,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/posts\/85932\/revisions\/574360"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media\/136220"}],"wp:attachment":[{"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/media?parent=85932"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/categories?post=85932"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.kopykitab.com\/blog\/wp-json\/wp\/v2\/tags?post=85932"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}