Description:

This course covers Chapter 2: Final Accounts of Partnership of Class XII Accounts as per the GSEB syllabus. You will learn about the final accounts of a partnership firm including profit and loss appropriation account, balance sheet, and various adjustments required for preparing the final accounts.

Key Highlights:

• Detailed explanation of partnership final accounts
• Important adjustments required for preparing the final accounts
• Examples and case studies to understand the concepts better

What you will learn:

• Profit and Loss Appropriation Account:
  Concept and format of profit and loss appropriation account, various items to be shown in the account with their treatment
• Final Accounts:
  Preparation of balance sheet, distribution of profits, past adjustments, and their treatment in final accounts
• Adjustments:
  Interest on capital, interest on drawings, salary and commission to partners, goodwill, revaluation of assets and liabilities, and treatment of accumulated profits and losses
• How to analyze and interpret partnership final accounts