NCERT Solutions for Class 12 Accounting Chapter 2 Accounting for Partnership: Basic Concepts

Accounting for Partnership-Basic Concepts. Sec. 4 of Indian Partnership Act 1932 defines a partnership as “the relation between persons, who have agreed to share the profits or loss of a business, carried on by all or any of them acting for all”. Partnership is a business relationship among two or more persons to share profits and losses of the business, carried on by all or any of them acting for all.