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Chapter 4: Reconstitution of Partnership (Retirement of Partner)

Balbharati Solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board.

Chapter 4: Reconstitution of Partnership (Retirement of Partner)

EXERCISE - 4 [PAGE 182]

PRACTICAL PROBLEMS [PAGES 183 - 186]

Balbharati solutions for Book-keeping and Accountancy 12th Standard Hsc Maharashtra State Board Chapter 4 Reconstitution of Partnership (Retirement of Partner) Practical Problems [Pages 183 - 186]

Book-keeping and Accountancy 12th Standard
HSC Maharashtra State Board. Latest Syllabus.

ACCOUNTS BOARD PAPERS

ACCOUNTING RESOURCES

IMPORTANT PRACTICE PAPERS FOR BOARD EXAM

Difficult Words & Their Meanings:

  • Book-keeping: The activity or occupation of keeping records of the financial affairs of a business. (Simply: Recording money matters of a business.)
  • Accountancy: The profession or duties of an accountant; the process of keeping and interpreting financial records. (Simply: The job of managing and explaining financial records.)
  • HSC: Higher Secondary Certificate, an examination taken by students in India after completing 12th grade. (Simply: 12th grade board exams.)
  • Reconstitution of Partnership: Any change in the existing agreement of partnership. It may be due to admission, retirement, death of a partner, or change in profit sharing ratio. (Simply: Changing the structure or terms of a business partnership.)
  • Retirement of Partner: When one partner ceases to be a partner of the firm, while the remaining partners continue to carry on the business. (Simply: A partner leaving the business, but the business continues.)
  • Proforma: A standard document or form; a draft. In accounting, it often refers to a template or standard layout for financial statements. (Simply: A sample format or template.)
  • Trading Account: A financial statement that shows the gross profit or gross loss of a business during an accounting period. (Simply: A report showing profit from buying and selling goods.)
  • Profit & Loss Account: A financial statement that summarizes the revenues, costs, and expenses incurred during a specific period, usually a fiscal quarter or year. (Simply: A report showing overall profit or loss of a business.)
  • Balance Sheet: A statement of the assets, liabilities, and capital of a business or other organization at a particular point in time, detailing the balance of income and expenditure over the preceding period. (Simply: A snapshot of what a business owns and owes at a specific time.)
  • Dissolution of Partnership Firm: The act of ending or breaking up a partnership business. (Simply: Closing down the partnership business completely.)
  • Goodwill: The established reputation of a business regarded as a quantifiable asset and calculated as part of its value when it is sold. (Simply: The good name and reputation of a business that has monetary value.)
  • Valuation: An estimation of something's worth, especially one carried out by a professional valuer. (Simply: Figuring out how much something is worth.)
  • Bills of Exchange: A written order to a person requiring the person to make a specified payment to the signatory or to a named payee; a promissory note. (Simply: A written IOU used in business for payments.)
  • Not-for-Profit Concerns (NPO): Organizations that do not earn profits for their owners. All of the money earned by or donated to a not-for-profit organization is used in pursuing the organization's objectives. (Simply: Organizations that work for a cause, not to make money for owners.)
  • Syllabus: An outline of the subjects in a course of study or teaching. (Simply: List of topics to be studied.)
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