Madhya Pradesh Board Class 12 Accountancy — Chapter Summary

Partnership accounting deals with the financial records of a firm formed by two or more persons who agree to share profits and losses and act for one another. A partnership firm has no separate legal entity apart from the partners, so the accounting treatment focuses on partners’ capital, profit sha

Share capital is the money raised by a company through the issue of shares. A company is a separate legal person, distinct from its shareholders, and its management is carried out by a Board of Directors. Share capital may be collected in stages such as application, allotment, and calls. The chapter

Computerised Accounting System processes accounting transactions through hardware and software to produce accounting records and reports. It improves speed, accuracy, control, and confidentiality in accounting work. The system rests on five components: Procedure, Data, People, Hardware, and Software