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Accounting for Partnership ( Fundamentals, Goodwill , Change is PSR, Admission, Retirement, Death, Dissolution) - Grade XII ( Accountancy)

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16 modules

Access till 2025-04-30

Learn accounting for partnership in Grade XII Accountancy

Overview

This course provides a comprehensive understanding of accounting for partnership in Grade XII (Accountancy). The course covers important fundamentals related to partnership accounting, including concepts like goodwill, changes in profit sharing ratio (PSR), admission of new partners, retirement of partners, death of partners, and dissolution of partnership.

Key Highlights

Fundamentals of partnership accounting

Calculation and treatment of goodwill

Changes in profit sharing ratio

Admission of new partners

Retirement of partners

Death of partners

Dissolution of partnership

What you will learn

Comprehensive Learning Outcomes

Understand the fundamentals of partnership accounting and the concept of goodwill

Master Changes in Profit Sharing Ratio

Learn how to calculate and account for changes in profit sharing ratio among partners

Explore Admission and Retirement of Partners

Gain insights into the procedures and accounting treatments involved in admitting or retiring partners

Understand Death and Dissolution

Learn the accounting implications of partner's death and the process of dissolution of partnership

Modules

CHAPTER 1- FUNDAMENTALS OF PARTNERSHIP [SECTIONS A - F]

A) Introduction to Profit and Loss Appropriation Account (2 Lectures+1 pdf )

Lecture 1- Profit and Loss Appropriation Account (Introductory video)

2 attachments • 37.13 mins

Preview

Lecture 2- Profit and Loss Appropriation ( Questions 1 and 2)

Preview

PDF of Questions discussed in Lecture-2 (Question1 &Question2 )

1 page

B) Preparation of Accounts ( Profit and loss Appropriation and Capital Accounts)- 2 Lectures

3 attachments • 58.55 mins

Lecture 1 - Preparation of Capital Accounts (Question-14)

Preview

Lecture 2- Practice Questions (Q15 and Q19)

Preview

PDF of questions discussed in Lecture 1 and 2 of (Question 14,15,19)

2 pages

C) Interest On Drawings and Interest on Capital

3 attachments • 2 hrs

Lecture 1- Interest on drawings( All cases and Practice Questions 5 and 8)

Preview

Lecture 2 - Interest on Capital ( All Cases and Practice Questions 9,10,11)

Preview

PDF of questions discussed in Lecture 1 and 2 of this section (Questions 5,8,9,10,11 )

2 pages

D) Past Adjusments

4 attachments • 1 hrs

Past Adjustments -Lecture 1 ( Introduction and Question 28)

Preview

Past adjustments - Lecture-2 (Question 24)

Past adjustments - Lecture-3 (Q27 and Q30)

PDF of questions discussed in Lecture 1 ,2 and 3 of this section (Questions 24,27,28 and 30 )

2 pages

E) Guarantee to Partners

3 attachments • 36.14 mins

Guarantee lecture-1 (Question 34)

Preview

Guarantee-lecture - 2 (Question 36 and Question 37)

PDF of questions discussed in Lecture 1 and 2 of this section (Questions 34,36 and 37)

1 page

F) Master Questions with Solutions and Quiz

3 attachments

Fundamentals Master Question Bank

15 pages

Step by Step Solutions to Fundamentals Master Question Bank

30 pages

QUIZ ON FUNDAMENTALS OF PARTNERSHIP (MCQs)

CHAPTER -2 VALUATION OF GOODWILL

5 attachments • 1 hrs

Methods of calculating goodwill (Average Profit Method, Weighted Average Profit Method, Super Profit Method, Capitalisation Method) Q2,3,4,9

Valuation of Goodwill - Past Adjustments Q2,3,4

Preview

Assignment for Valuation of Goodwill

ASSIGNMENT -VALUATION OF GOODWILL

6 pages

SOLUTION TO ASSIGNMENT -Goodwill Nature and valuation

9 pages

CHAPTER 3- CHANGE IN PROFIT SHARING RATIO

5 attachments • 1 hrs

Change in Profit Sharing Ratio Lecture - 1 (Question 2,3,4 and 6)

change in Profit Sharing Ratio Lecture - 2 (Question 7 and 9)

QUIZ ON CHANGE IN PROFIT SHARING RATIO(MCQs)

Assignment-Change in profit sharing ratio

6 pages

Solution to Assignment -change in profit sharing ratio

12 pages

ADMISSION OF A PARTNER

11 attachments • 5 hrs

Admission-Lecture - 1

Admission - Ratio and Goodwill-Lec-2

Lecture 3-Admission - Goodwill contd

Lecture 4-Admission - Hidden Goodwill

Lecture 5-Admission - Q20,21

Lecture 6-Admission - Q10,16,22

Lecture 7-CAPITAL ADJUSTMENT-Q27

Preview

Lecture 8-CAPITAL ADJUSTMENT-Q32

QUIZ ON ADMISSION OF A PARTNER(MCQs)

Assignment-ADMISSION OF A PARTNER

23 pages

Solutions to Assignment-Admission of a partner

45 pages

RETIREMENT OF A PARTNER

7 attachments • 2 hrs

Lecture 1- Retirement(ratio)

Lecture 2 - Retirement Q3,8,13

Lecture-3 Retirement hidden Goodwill and Full Fledged Question Q14,17

Lecture -4 Question 18

Lecture -5 Question 22 Loan Account

QUIZ ON RETIREMENT OF A PARTNER(MCQs)

Solved Assignment on Retirement of a partner

24 pages

DEATH OF A PARTNER

7 attachments • 1 hrs

Introduction - Preparation of deceased partner capital Account

Preview

Lecture-2 (Question-3) - Preparation of Executor's Account

Lecture-3 (Question-13) - Preparation of Executor's Account

Lecture-4( Question 4 and 5)

QUIZ ON DEATH OF A PARTNER(MCQs)

Assignment - DEATH OF A PARTNER

11 pages

Solutions to Assignment - Death of a partner

17 pages

DISSOLUTION OF PARTNERSHIP

Lecture-1 Dissolution Introduction

5 attachments • 51.2 mins

Lecture-2 Dissolution Q1

Lecture-3 Dissolution Q3

QUIZ IN DISSOLUTION OF PARTNERSHIP(MCQs)

Assignment - DISSOLUTION OF A PARTNERSHIP FIRM

11 pages

Solution to Assignment - Dissolution of a partnership firm

15 pages

TOPPER'S ANSWER SCRIPT-CBSE 2023

1 attachment

Topper's answer script 2023

19 pages

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About the creator

About the creator

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