Notes-Class-12-Commerce-Book Keeping and Accountancy-Chapter-1-Introduction to Partnership and Partnership Final Accounts-Maharashtra Board

Topics

(A) Introduction to Partnership Accounts

• Meaning and Definition of Partnership
• The Indian Partnership act 1932.
• Methods of Capital Account

(B) Partnership Final Accounts

• Introduction and necessity of preparation of Final Accounts.
• Preparation of Trading Account,
• Profit and Loss Account and Balance Sheet with following adjustments.

(1) Closing Stock

(2) Outstanding expenses

(3) Prepaid expenses

(4) Income received in advance

(5) Income receivable

(6) Bad debts

(7) Provision for doubtful debts

(8) Reserve for discount on Debtors and Creditors

(9) Depreciation

(10) Interest on capital, drawings and loan.

(11) Interest on Investments and loans given

(12) Goods destroyed by fire/accident (Insured & Uninsured)

(13) Goods stolen

(14) Goods distributed as free samples

(15) Goods withdrawn by partners

(16) Unrecorded purchases and sales

(17) Capital expenditure included in revenue expenses and vice versa

(18) Bills Receivable dishonoured

(19) Bills Payable dishonoured

(20) Deferred expenses

(21) Capital receipts included in revenue receipts and vice versa

(22) Commission to working partners on the basis of Gross Profit, Net Profit/Sales etc.