Accounting for Partnership: Basic Concepts: Class 12 Accountancy (CBSE) important questions and practice
Accounting for Partnership: Basic Concepts is chapter 1 of 10 in CBSE Class 12 Accountancy. Below are the topics the paper draws from, the question types that come up again and again, and a free practice test on this chapter alone.
Topics in this chapter
- Partnership deed and provisions of the Indian Partnership Act 1932 in its absence
- Fixed and fluctuating capital accounts
- Profit and Loss Appropriation Account
- Interest on capital, interest on drawings, partner's salary and commission
- Guarantee of profit to a partner
- Past adjustments and rectification of errors
What examiners usually ask
- Prepare the Profit and Loss Appropriation Account and partners' capital accounts from the given information
- Calculate interest on drawings when a partner withdraws Rs 5,000 at the beginning of every month at 6 percent per annum
- A, B and C share profits 3:2:1; C is guaranteed a minimum of Rs 50,000 by A; prepare the appropriation account
Exam tip
In the absence of a deed, remember the Act's five rules (equal profits, no interest on capital or drawings, 6 percent on loans, no salary), and in interest on drawings use 6.5, 5.5 or 6 months for beginning, end or middle of month withdrawals.
Accounting for Partnership: Basic Concepts on other boards and exams
Frequently asked questions
What are the important questions from Accounting for Partnership: Basic Concepts for CBSE Class 12?
The question types listed above repeat most often in CBSE Class 12 Accountancy papers for this chapter. Practise them with the chapter test and then attempt them inside a full previous-year paper under time.
Is Accounting for Partnership: Basic Concepts in the CBSE Class 12 Accountancy syllabus?
Yes. Accounting for Partnership: Basic Concepts is part of the current CBSE Class 12 Accountancy syllabus, as listed on this site from the prescribed textbook.
Can I practise Accounting for Partnership: Basic Concepts MCQs in Hindi?
Yes. The chapter test and explanations are available in Hindi and English, with an AI doubt solver for any question.