Balbharati solutions for Book-keeping and Accountancy 12th Standard HSC Maharashtra State Board.
Chapter 1 - Introduction to Partnership and Partnership Final Accounts [Latest edition]
Select the most appropriate alternative from the following & rewrite the sentence:
When there is no partnership agreement between partners, the division of Profits takes place in ________ ratio.
To find out Net Profit or Net Loss of the business __________ account is prepared.
A ____________ is an Intangible Asset.
In the absence of an agreement, interest on loan advanced by the partner to the firm is allowed at the rate of _____________.
Liability of partners in a partnership business is ________.
The Indian Partnership Act is in force since _______.
Maximum number of Partners in a firm are ____ according to Companies Act 2013
Chapter 1: Quick Links & Resources
| Select the most appropriate alternative from the following & rewrite the sentence. |
| Write the word/phrase/term, which can substitute the following sentence. |
| State whether the following statement is True or False with reasons. |
| Find an odd one. |
| Complete the Sentence. |
| Answer in one sentence only |
| Do you agree/disagree with the following statement |
| Practical Problems. |
| Practise Problem | Q 1 | Page 54 Click here for solution |
| Practise Problem | Q 2 | Page 55 Click here for solution |
| Practise Problem | Q 3 | Page 56 Click here for solution |
| Practise Problem | Q 4 | Page 57 Click here for solution |
| Practise Problem | Q: 5 | Page no. 58 Click here for solution |
| Practise Problem | Q: 6 | Page no. 59 Click here for solution |
| Practise Problem | Q: 7 | Page no. 59 Click Here for Solution |
| Practise Problem | Q: 8 | Page no. 60 Click Here for Solution |
| Practise Problem | Q: 9 | Page no. 61 Click Here for Solution |
| Practise Problem | Q: 10 | Page no. 61 Click Here for Solution |
Difficult Words & Their Meanings:
- Partnership: A business structure where two or more people own and manage a business together, sharing its profits and losses.
- Final Accounts: Financial statements like the Profit & Loss Account and Balance Sheet, prepared at the end of an accounting period to show a business's financial health and performance.
- Book-keeping: The activity of recording the financial transactions of a business in an orderly manner.
- Accountancy: The overall process of recording, classifying, summarizing, interpreting, and communicating financial information of a business.
- Appropriate: Suitable or fitting for a particular purpose or situation.
- Alternative: One of several possibilities or choices.
- Partnership Agreement (Deed): A formal written contract between partners that outlines the terms, conditions, rights, and duties of their partnership.
- Profits: The money a business makes after deducting all its costs and expenses from its revenues.
- Ratio (Profit-sharing): The agreed proportion in which partners will share the profits or bear the losses of the business.
- Net Profit: The final profit of a business after all operating expenses, interest, and taxes are subtracted from the gross profit.
- Net Loss: The financial outcome when a business's total expenses are higher than its total income.
- Trading Account: An account prepared to determine the gross profit or gross loss from a business's primary buying and selling activities.
- Capital Account: An account that records each partner's initial investment, additional capital, withdrawals, and share of profits or losses.
- Intangible Asset: A non-physical asset that has value for a business, such as brand reputation (goodwill), patents, or copyrights.
- Goodwill: The value of a business's reputation, customer base, and other non-physical advantages that contribute to its earning capacity.
- Asset: Any item of economic value owned by a business that can be converted into cash or used to generate income.
- Loan Advanced (by partner): Funds provided by a partner to the firm as a loan, which the firm is obliged to repay, typically with interest.
- Liability: A business's financial debts or obligations to others that arise from past transactions.
- Tenure: The period or duration for which a partner is part of the firm or holds a particular position.
- HSC (Higher Secondary Certificate): A school-leaving certificate in India obtained after completing the 12th grade.
