12th_accountancy_unit_3_ppt_material_em_218794.ppt

Accounts of partnership frim , features of partnership , sample of partnership deed and it's applications.

1. XII ACCOUNTANCY
UNIT - 3
ACCOUNTS OF PARTNERSHIP FIRM -
FUNDAMENTALS

2. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
MEANING
When two or more persons join together to
form a business to share the Profit of loss
arising there from in an agreed ratio. The
relationship among them is called partnership.
The business may be carried on by all or
any of them acting for all.

3. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
DEFINITION
According to section 4 of the
Indian Partnership Act, 1932,
partnership Is defined as, “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”

4. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
FEATURES OF
PARTNERSHIP

5. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
FEATURES OF
PARTNERSHIP

6. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
It is a document in writing
that contains the terms of the
agreement among the
partners.
IT IS NOT COMPULSORY
IT SERVES AS AN EVIDENCE

7. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
SAMPLE OF PARTNERSHIP DEED

8. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
APPLICATION OF THE PROVISION
(If there is no partnership)

9. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
METHODS OF MAINTAINING CAPITAL
ACCOUNTS OF PARTNERS

10. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
FIXED CAPITAL METHOD
(a) Format of Partner’s Capital Method

11. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
FIXED CAPITAL METHOD
(a) Format of Partner’s Current Method

12. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
FLUCTUATING CAPITAL METHOD
Format of Partner’s Capital Method

13. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS

14. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
INTEREST ON CAPITAL
Calculation of Interest on Capital

15. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
INTEREST ON DRAWINGS
For providing Interest on drawings

16. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
PROFIT AND LOSS APPROPRIATION ACCOUNT
Format of Profit and loss appropriation account

17. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
SALARY AND COMMISSION TO PARTNERS
a) For partner’s salary and commission due

18. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
SALARY AND COMMISSION TO PARTNERS
b) For Closing partners’ Salary and Commission account
at the end of the accounting year

19. XII ACCOUNTANCY UNIT – 3 ACCOUNTS OF PARTNERSHIP FIRM-
FUNDAMENTALS
PREPARED BY
G.JOTHIMANI M.Com., M.Phil., B.Ed.,
V.M.G.RAJASEKARAN RAMANI SRI SARADA SAKTHI MAT. HR. SEC.SCHOOL