Que. 1 See Textbook Scanner part page No.

S28
Que. 2

Que. 3 Meaning of Partnership: The relation between persons who have

agreed to share the profit of a business carried on by all or any one of
them acting for all.
Characteristics (any three)
1. Two or more persons
2. Agreement between the Partners
3. Business
4. Sharing of Profits
5. Business carried on by all or any one of them acting for all
Que. 9
Profit & Loss account
Add: General Reserve

80,000
40,000
1,20,000
Less: Advertisement Suspense 30,000
Total amount to be adjusted
90,000
Old ratio
New ration

Neha
2/9
4/9

Niharika
3/9
3/9

Sacrifice or Gain :
Neha = 2/94/9=2/9 (Gain)
Niharika = 3/93/9=0 (No change)
Nitin = 4/92/9=2/9 (Sacrifice)

Nitn
4/9
2/9

Que. 4

Que. 5

Que. 7

Que. 8