CBSE Commerce https://cbsecommerce.in Best Online Classes for Commerce Class XI, XII, B Com, CBSE, ISC Board Tue, 10 Nov 2026 16:07:58 +0000 en-US hourly 1 https://wordpress.org/?v=7.1.4 https://cbsecommerce.in/wp-content/plugins/vj-site/assets/icon-32.png CBSE Commerce https://cbsecommerce.in 32 32 Accounting for Partnership Firms – Fundamentals: Class 12 Accountancy Notes (CBSE) https://cbsecommerce.in/cbse-class-12-accountancy-notes-chapter-1-partnership-fundamentals/ https://cbsecommerce.in/cbse-class-12-accountancy-notes-chapter-1-partnership-fundamentals/#respond Tue, 10 Nov 2026 14:48:27 +0000 https://cbsecommerce.in/cbse-class-12-accountancy-notes-chapter-1-partnership-fundamentals/ body.cc-on .td-header-template-wrap,body.cc-on .td-crumb-container,body.cc-on .td-footer-template-wrap,body.cc-on .entry-crumbs,body.cc-on .td-page-header,body.cc-on .td-main-sidebar,body.cc-on .td-scroll-up,body.cc-on .td-footer-wrapper,body.cc-on .td-sub-footer-container{display:none!important} 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Accounting for Partnership Firms – Fundamentals: Class 12 Accountancy Notes (CBSE)

✔ As per the {session} syllabusChapter 1 · Part A✍ Vijay AdarshRead time: 8 min

Meaning and features of partnership, rules in the absence of a partnership deed, Profit and Loss Appropriation Account, fixed and fluctuating capital, interest on capital and drawings, commission, guarantee of profit and past adjustments — with formats and examples.

In this chapter
  1. Meaning and features of partnership
  2. Rules in the absence of a partnership deed
  3. Profit and Loss Appropriation Account
  4. Fixed and fluctuating capital
  5. Interest on capital
  6. Interest on drawings
  7. Commission, guarantee and past adjustments
  8. Exam checklist and self-test

1. Meaning and features of partnership

Definition (Section 4, Indian Partnership Act, 1932): “Partnership is the relation between persons who have agreed to share the profits of a business carried on by all or any of them acting for all.”
  • Two or more persons: at least two; at most 50.
  • Agreement: oral or written. A written agreement is called the partnership deed.
  • Business: carried on with a profit motive.
  • Sharing of profits: in the agreed ratio.
  • Mutual agency: each partner is an agent of the firm and of the other partners.
  • Unlimited liability: partners are liable jointly and severally.
Memory aid — T-A-B-S-M-U: Two persons, Agreement, Business, Sharing, Mutual agency, Unlimited liability.

2. Rules in the absence of a partnership deed (Section 13)

MatterRule applied
Sharing of profits and lossesEqually
Interest on capitalNot allowed
Interest on drawingsNot charged
Salary or commission to a partnerNot allowed
Interest on a partner’s loan to the firm6% per annum, allowed even if there is a loss
Memory aid — E-N-N-N-6: Equal profits · No interest on capital · No interest on drawings · No salary · 6% on loan.

3. Profit and Loss Appropriation Account

It is prepared after the Profit and Loss Account to show how the net profit is distributed among the partners.

Profit and Loss Appropriation Accountfor the year ended 31 March 20XX
Dr.Cr.
ParticularsAmount (₹)ParticularsAmount (₹)
To Interest on CapitalxxxBy Profit and Loss A/c (net profit)xxx
To Partners’ Salary / CommissionxxxBy Interest on Drawingsxxx
To General Reservexxx
To Profit transferred to Capital A/csxxx
xxxxxx
Charge — debit the Profit and Loss Account
Interest on a partner’s loan, rent paid to a partner, manager’s commission. Allowed even in a loss.
Appropriation — debit the Appropriation Account
Interest on capital, partners’ salary and commission, transfer to reserve. Allowed only out of profits.

4. Fixed and fluctuating capital

BasisFixed capitalFluctuating capital
Accounts maintainedTwo: Capital A/c and Current A/cOne: Capital A/c only
Interest, salary, drawings and profitRecorded in the Current A/cRecorded in the Capital A/c
Nature of balanceCapital A/c is always credit; Current A/c may be debitUsually credit; may become debit
Change in capitalOnly when additional capital is introduced or capital is withdrawn permanentlyEvery year
Exam tip: When the question does not say which method to use, take fluctuating capital.

5. Interest on capital

  • Calculated on the opening capital for the whole year, and on additional capital from the date it is introduced.
  • Allowed only out of profits. If the profit is less than the total interest, the profit is shared in the ratio of interest on capital.
  • Not allowed when there is a loss, unless the deed treats it as a charge.
Opening capital = Closing capital + Drawings − Share of profit − Additional capital
Also deduct interest on capital and salary credited, and add back interest on drawings, if given.

6. Interest on drawings

Interest = Total drawings × Rate ÷ 100 × Average period ÷ 12
Drawings madeMonthlyQuarterlyHalf-yearly
At the beginning of each period6.5 months7.5 months9 months
In the middle of each period6 months6 months6 months
At the end of each period5.5 months4.5 months3 months

Example. A partner withdrew ₹2,000 at the beginning of every month. Rate of interest 10% p.a.
Interest = ₹24,000 × 10/100 × 6.5/12 = ₹1,300

  • Different amounts or dates: use the product method — multiply each amount by the months remaining in the year, then calculate interest on the total product for one month.
  • Date of drawing not given: charge interest for 6 months. Rate not given: no interest is charged.

7. Commission, guarantee and past adjustments

Commission on net profit

CommissionFormula
Before charging such commissionNet profit × Rate ÷ 100
After charging such commissionNet profit × Rate ÷ (100 + Rate)

Example. Net profit before commission ₹1,10,000. A partner gets 10% commission after charging such commission.
Commission = ₹1,10,000 × 10 ÷ 110 = ₹10,000

Guarantee of minimum profit

Deficiency = Guaranteed amount − Actual share. It is borne by the guaranteeing partner, or by the other partners in their profit-sharing ratio (or the agreed ratio).

Past adjustments

If an item (such as interest on capital or salary) was omitted after the accounts were closed, pass a single adjusting entry through the partners’ Capital or Current Accounts. The Profit and Loss Appropriation Account is not reopened.

8. Exam checklist and self-test

Do
✓ Read for the words “as per deed”, “charge” and “ignore”.
✓ Take fluctuating capital when the method is not given.
✓ Show the average period or product as a working note.
Avoid
✗ Allowing interest on capital in a loss.
✗ Showing interest on a partner’s loan in the Appropriation Account.
✗ Taking 6 months for drawings made at the beginning of each month.
1. Without a deed, at what rate is interest allowed on a partner’s loan?
6% per annum.
2. The firm has a loss and the deed is silent. Is interest on capital allowed?
No. Interest on capital is allowed only out of profits.
3. What is the average period for equal drawings made at the end of every quarter?
4.5 months.
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Practise this chapter

TS Grewal solutionsChapter 1 · 100 questions · step by stepOpen → DK Goel solutionsChapter 1 · 79 questions · step by stepOpen → MCQ testFundamentals of Partnership · freeStart →
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  • Written by Vijay Adarsh, teaching commerce since 2003.
  • Checked against the {session} CBSE syllabus.
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TS Grewal Solutions Class 11 Accountancy 2023-24 (ISC)

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]]> https://cbsecommerce.in/isc-ts-grewal-solutions-class-11-2023-24/feed/ 0 Q.27 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE https://cbsecommerce.in/q-27-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/ https://cbsecommerce.in/q-27-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/#respond Sat, 31 Aug 2024 13:36:03 +0000 https://cbsecommerce.in/?p=54191
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Q.27 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 27 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 27, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 27

From the following information, prepare a Common-size Balance Sheet: (Balance Sheet total: 2024 ₹64,00,000; 2023 ₹48,00,000)

TS Grewal Class 12 Comparative and Common-Size Statements Question 27 part 1
TS Grewal Class 12 Comparative and Common-Size Statements Question 27 part 2

Solution

Solution of Q 27 Comparative and Common-Size Statements TS Grewal 2024-25 part 1
Solution of Q 27 Comparative and Common-Size Statements TS Grewal 2024-25 part 2

🤔 Doubt in this solution? Ask Vijay Sir below ↓

✓Check your preparation for this chapterComparative and Common-Size Statements · MCQs with answers · Class 12Take the MCQ test →

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About this solution

Looking for the Q.27 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


]]> https://cbsecommerce.in/q-27-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/feed/ 0 Q.26 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE https://cbsecommerce.in/q-26-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/ https://cbsecommerce.in/q-26-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/#respond Sat, 31 Aug 2024 13:35:08 +0000 https://cbsecommerce.in/?p=54190
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Q.26 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 26 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 26, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 26

Prepare Common-size Balance Sheet and comment on the financial position of Sun Ltd. and Star Ltd. The Balance Sheets of Sun Ltd. and Star Ltd. as at 31st March, 2024 are: (Balance Sheet total: Sun Ltd. ₹15,00,000; Star Ltd. ₹18,00,000)

TS Grewal Class 12 Comparative and Common-Size Statements Question 26

Solution

Solution of Q 26 Comparative and Common-Size Statements TS Grewal 2024-25 part 1
Solution of Q 26 Comparative and Common-Size Statements TS Grewal 2024-25 part 2

🤔 Doubt in this solution? Ask Vijay Sir below ↓

✓Check your preparation for this chapterComparative and Common-Size Statements · MCQs with answers · Class 12Take the MCQ test →

All questions of Chapter 5

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About this solution

Looking for the Q.26 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


]]> https://cbsecommerce.in/q-26-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/feed/ 0 Q.25 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE https://cbsecommerce.in/q-25-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/ https://cbsecommerce.in/q-25-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/#respond Sat, 31 Aug 2024 13:32:41 +0000 https://cbsecommerce.in/?p=54192
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Q.25 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 25 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 25, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 25

From the following information, prepare a Common-size Balance Sheet:

TS Grewal Class 12 Comparative and Common-Size Statements Question 25

Solution

Solution of Q 25 Comparative and Common-Size Statements TS Grewal 2024-25 part 1
Solution of Q 25 Comparative and Common-Size Statements TS Grewal 2024-25 part 2

🤔 Doubt in this solution? Ask Vijay Sir below ↓

✓Check your preparation for this chapterComparative and Common-Size Statements · MCQs with answers · Class 12Take the MCQ test →

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Looking for the Q.25 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


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Q.24 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 24 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 24, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 24

Prepare Common-size Statement of Profit & Loss from the following Statement of Profit & Loss:

TS Grewal Class 12 Comparative and Common-Size Statements Question 24

Solution

Solution of Q 24 Comparative and Common-Size Statements TS Grewal 2024-25 part 1
Solution of Q 24 Comparative and Common-Size Statements TS Grewal 2024-25 part 2

🤔 Doubt in this solution? Ask Vijay Sir below ↓

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About this solution

Looking for the Q.24 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


]]> https://cbsecommerce.in/q-24-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/feed/ 0 Q.23 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE https://cbsecommerce.in/q-23-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/ https://cbsecommerce.in/q-23-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/#respond Sat, 31 Aug 2024 13:08:28 +0000 https://cbsecommerce.in/?p=54188
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Q.23 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 23 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 23, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 23

Prepare Common-size Statement of Profit & Loss from the following Statement of Profit & Loss:

TS Grewal Class 12 Comparative and Common-Size Statements Question 23

Solution

Solution of Q 23 Comparative and Common-Size Statements TS Grewal 2024-25 part 1
Solution of Q 23 Comparative and Common-Size Statements TS Grewal 2024-25 part 2

🤔 Doubt in this solution? Ask Vijay Sir below ↓

✓Check your preparation for this chapterComparative and Common-Size Statements · MCQs with answers · Class 12Take the MCQ test →

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About this solution

Looking for the Q.23 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


]]> https://cbsecommerce.in/q-23-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/feed/ 0 Q.22 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE https://cbsecommerce.in/q-22-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/ https://cbsecommerce.in/q-22-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/#respond Sat, 31 Aug 2024 13:07:29 +0000 https://cbsecommerce.in/?p=54186
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Q.22 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 22 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 22, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 22

Prepare Common-size Statement of Profit & Loss from the following information:

TS Grewal Class 12 Comparative and Common-Size Statements Question 22

Solution

⏳ The solution of this question will be added soon. Meanwhile, ask your doubt to Vijay Sir in the comment box below.

🤔 Doubt in this solution? Ask Vijay Sir below ↓

✓Check your preparation for this chapterComparative and Common-Size Statements · MCQs with answers · Class 12Take the MCQ test →

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About this solution

Looking for the Q.22 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


]]> https://cbsecommerce.in/q-22-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/feed/ 0 Q.21 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE https://cbsecommerce.in/q-21-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/ https://cbsecommerce.in/q-21-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/#respond Sat, 31 Aug 2024 13:06:38 +0000 https://cbsecommerce.in/?p=54187
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Q.21 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 21 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 21, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 21

Prepare a Common-size Statement of Profit & Loss of ‘Hari Darshan Ltd.’ from the following information:

TS Grewal Class 12 Comparative and Common-Size Statements Question 21

Solution

Solution of Q 21 Comparative and Common-Size Statements TS Grewal 2024-25 part 1
Solution of Q 21 Comparative and Common-Size Statements TS Grewal 2024-25 part 2

🤔 Doubt in this solution? Ask Vijay Sir below ↓

✓Check your preparation for this chapterComparative and Common-Size Statements · MCQs with answers · Class 12Take the MCQ test →

All questions of Chapter 5

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About this solution

Looking for the Q.21 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


]]> https://cbsecommerce.in/q-21-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/feed/ 0 Q.20 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE https://cbsecommerce.in/q-20-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/ https://cbsecommerce.in/q-20-solution-tools-of-financial-statement-analysis-comparative-and-common-ts-grewal-book-class-12-cbse/#respond Sat, 31 Aug 2024 13:05:27 +0000 https://cbsecommerce.in/?p=54194
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Q.20 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Book Class 12 CBSE

Question 20 of 27Chapter 5Class 12 · CBSE✍ Vijay Adarsh

Step-by-step solution of Question 20, Chapter 5 Tools of Financial Statement Analysis – Comparative and Common-Size Statements, TS Grewal Class 12 Accountancy 2024-25 for the CBSE Board.

Question 20

From the following Statement of Profit & Loss of Star Ltd., for the years ended 31st March, 2023 and 2024, prepare a Common-size statement:

TS Grewal Class 12 Comparative and Common-Size Statements Question 20 part 1
TS Grewal Class 12 Comparative and Common-Size Statements Question 20 part 2

Solution

Solution of Q 20 Comparative and Common-Size Statements TS Grewal 2024-25 part 1
Solution of Q 20 Comparative and Common-Size Statements TS Grewal 2024-25 part 2

🤔 Doubt in this solution? Ask Vijay Sir below ↓

✓Check your preparation for this chapterComparative and Common-Size Statements · MCQs with answers · Class 12Take the MCQ test →

All questions of Chapter 5

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About this solution

Looking for the Q.20 Solution Tools of Financial Statement Analysis Comparative and Common TS Grewal Class 12 Accountancy book for the 2024-25 CBSE syllabus? You’ve come to the right place!

Written by Vijay Adarsh, teaching commerce since 2003 to Class 11, Class 12, B.Com, CA, CS and CMA students.

We’ve used the correct format and steps required by CBSE guidelines. Simply follow our solutions, and you’ll be well-prepared to score good marks in your Accountancy Board Exam.

Don’t forget to bookmark this page and share it with your classmates who are also looking for reliable TS Grewal solutions for the 2024-25 academic year.


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