#1 Introduction of Partnership ~ Fundamentals of Partnership Firm

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This is the 1st lecture of chapter-1 of Class 12 (Fundamentals of Partnership Firm). In this lecture I have explained the following topics:
1. Accounting changes between Sole-proprietorship and Partnership.
2. What is partnership and why it is formed.
3. What is Partnership agreement and how it is formed.
4. Utility of partnership agreement.
5. Rules under 'Partnership Act' in case no partnership agreement is made.
6. Concept of Appropriation and difference between appropriations and charges.
7. What is Profit and Loss Appropriation Account and why it is made.
8. A basic practical example of preparation of P&L Appropriation A/c.

Student can download notes of this chapter from the link given below for complete and better understanding of all the concept and procedures :

In the upcoming lectures I will explain few more concepts and solve problems based on preparation of Profit and Loss Appropriation Account and Partners Capital Accounts.

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[caritikpanchal]

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[manishasharma]

This is the first time I understood the meaning of P & L appropriation and that's because of ur best explanation. Thank you sir. 😊

[zaarashaikh]

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Thank you sir
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[mairakhan]

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[aryanraina]

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[ZEESHAN]

Double enteries, correction of errors And Now Partenership.. . . Thanks Sir❤

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