Class 12 Accountancy practice by chapter

Accounting for Partnership: Basic Concepts

• Interest on capital and drawings
• Valuation of goodwill

Admission of a Partner

• New and sacrificing ratio on admission
• Revaluation profit or loss
• Sacrificing ratio

Retirement and Death of a Partner

• Gaining ratio on retirement

Accounting Ratios

• Current ratio and quick ratio
• Debt–equity ratio
• Inventory turnover ratio
• Gross profit and net profit ratios
• Trade receivables turnover
• Working capital and its turnover
• Return on investment (capital employed)

Accounting for Share Capital

• Issue of shares: amounts due and premium
• Forfeiture and reissue of shares

Cash Flow Statement

• Cash from operating activities (indirect method)

Accounting for Partnership Firms

• Distributing profit with salary and interest

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