Class 12 Accounts Chapter 1 | Fundamentals of Partnership Revision | Commerce with Prince Sharma

📚 *Class 12 Accountancy Chapter 1 – Fundamentals of Partnership | Part 1 | Revision | Prince Sir* In this video, we will revise **Fundamentals of Partnership – Part 1**, Chapter 1 of Class 12 Accountancy, in a simple and easy-to-understand way. 🎯 *Topics Covered:* Fundamentals of Partnership Basic Concepts of Partnership Accounts Important Concepts for CBSE Class 12 Accountancy Chapter Revision – Part 1 📌 *Subject:* Accountancy 📌 *Class:* 12th 📌 *Chapter 1:* Fundamentals of Partnership 📌 *Part:* 1 📌 *Teacher:* Prince Sir 📌 *Channel:* Commerce with Prince Sharma Class 12 Accountancy Chapter 1: Fundamentals of Partnership full revision lecture by Prince Sir. In this video, we cover all fundamental concepts of partnership accounting for CBSE Class 12 (2026–27 session), including partnership deed provisions, rules in the absence of a deed, and charge vs. appropriation of profit. 📌 Timestamps / Chapters: 0:00 – Introduction & Meaning of Partnership (Section 4, Partnership Act 1932) 1:36 – Essential Features & Number of Partners (Contract Act & Companies Act) 3:54 – Partnership Agreement: Oral vs. Written 6:27 – Partnership Deed & Its Importance 8:29 – Business Purpose & Lawful Business Requirement 11:40 – Profit Sharing Ratio (PSR) Explained 13:08 – Mutual Agency: Carried on by All or Any Acting for All 14:23 – Rights of Partners 16:29 – Rules Regarding Admission & Retirement of Partners 18:12 – Provisions in the Absence of Partnership Deed (Interest on Loan 6%, PSR) 22:01 – Charge Against Profit vs. Appropriation of Profit 24:10 – Summary & Next Steps for Class 12 Revision 🎯 Topics Covered in this Video: Class 12 Accountancy Chapter 1 Fundamentals of Partnership Meaning and Essential Elements of Partnership Provisions Applicable in the Absence of Partnership Deed Charge against Profit vs Appropriation of Profit CBSE Class 12 Board Exam 2026-27 Accountancy Preparation 🔔 Subscribe to Commerce with Prince Sharma for complete Class 11 & Class 12 Commerce revisions, conceptual lectures, and board exam tips! Subscribe to *Commerce with Prince Sharma* for Class 11 & 12 Accountancy lessons, chapter revisions, important questions, and exam preparation. *Understand. Practice. Achieve.* #class12accountancy #fundamentalsofpartnership #AccountsClass12 #PrinceSir #cbseclass12