Fundamentals of Partnership

Accounts · Chapter 1 · 1. Partnership Accounts

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Your path through this chapter

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Visual lesson Beta
1. Part 1: The Firm, the Deed, Capital Accounts and Appropriation of Profit22 slides
2. Part 2: Charges, Interest on Drawings, Guarantee and Past Adjustments22 slides
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Notes Beta
7 sections with key terms, formulas and exam tips.
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Flashcards Beta
31 cards for quick recall of key terms and facts.
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Practice
88 board-style questions with instant checks: Multiple choice 23, Short answer 22, Long answer 11, Assertion and reason 9.
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Chapter test Free
Short and long chapter tests in board pattern, with results and analysis.
- Chapter test (long) — Fundamentals of Partnership · 40 marks · 100 min
- Chapter test (short) — Fundamentals of Partnership · 20 marks · 50 min
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Partnership: definition, meaning and features; Indian Partnership Act, 1932 provisions on books of account
Partnership deed: meaning, importance and rules applicable in its absence
Partners' capital accounts (fixed and fluctuating) and current accounts
Profit and Loss Appropriation Account: interest on capital, salary, commission, transfer to reserve and division of profit
Interest on drawings; charges against profit (interest on partner's loan, rent to a partner)
Guarantee of profits to a partner
Past adjustments: interest on capital, interest on drawings, salary and profit-sharing ratio