Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Balbharti Maharashtra State Board Class 8 History Solutions Chapter 1 Sources of History Notes, Textbook Exercise Important Questions and Answers.

Maharashtra State Board Class 8 History Solutions Chapter 1 Sources of History

Class 8 History Chapter 1 Sources of History Textbook Questions and Answers

1. Rewrite the statements by choosing the appropriate options: 

Question 1.
Among the historical sources …………….. sources are based on modem technology.
(a) Written
(b) Oral
(c) Material
(d) Audio-Visual
Answer:
(d) Among the historical sources Audio Visual Sources are based on modem technology

Question 2.
The ……… is a museum in Pune which gives information about the history of Mahatma Gandhi.
(a) Aga Khan Palace
(b) Sabamiati Ashram
(c) Cellular Jail
(d) Lakshmi Vilas Palace
Answer:
(a) The Aga Khan Palace is a museum in Pune which gives information about the history of Mahatma Gandhi.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 3.
A unique discovery of modem technology in 20th century is …………. .
(a) Powada
(c) Interviews
(b) Photograph
(d) Films
Answer:
(d) A unique discovery of modem technology in 20th century is Films.

2. Explain the following statements with reasons.

Question 1.
During the British period. newspapers also acted as sources of social reformation.
Answer:
(1) Newspapers like Amrit Bazaar Patrika. Deenbandhu, Dnyanoday Kesari, etc. acted as an important source to awaken the minds of the people.
(2) Newspapers in the British period not only opposed imperialism but also educated the masses and created awareness among the people.
(3) The Nibandhmala by Vishnushastri Chiplunkar and Shatapatre written by Lokahitawadi alias Gopal Hari Deshmukh published in the weekly Prabhakar commented on various social and cultural issues.
(4) Newspapers threw light on ill customs like sati, child marriage, ban on widow remarriage, etc., and awakened minds of the people.
(5) We came to know about various policies of the British towards India and their effects on India.
(6) Thus newspapers were not only source of political events but also acted as a source of social reformation.
(Note: Information given in the textbook is insufficient.)

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 2.
Audio-visual recordings are considered as the most trustworthy source for the study of Modern Indian History.
Answer:
Audio-visual recordings are considered a trustworthy source for study of modem history. Because –
(1) Important events during the freedom struggle could be seen in reality.
(2) Audio-visual recordings of Dandi March, Quit India movement, Salt Satyagraha and other historical events are available.
(3) Films also dealt with subjects like social problems, superstitions, practices. They reflect contemporary social, religious. political issues. Therefore, audio-visual recordings are considered as a unique discovery of 20th century.
(Note: Information given in the textbook is insufficient,)

3. Write short notes.

Question 1.
Photographs:
Answer:
(1) Before the invention of photography, paintings were an important source of history. But the authenticity of such paintings is doubtful.
(2) Photographs are considered more reliable, as the lens capture the persons. events and objects exactly as they appear.
(3) The photograph of a person gives information about the physical features, dressing style, etc.
(4) Photographs enable us to recreate visual image of an event. The photograph of an object or structure helps in understanding its nature.
Hence, photographs are important visual source of modem Indian history.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 2.
Museums and History:
Answer:
(1) A place where ancient artefacts, paintings, photographs, tools, coins, documents, clothes, etc. are exhibited is known as Museum.
(2) Ancient artefacts give us information about the economic, social, political and religious conditions of the respective periods.
(3) The metal and the inscriptions on the coin tell us about the economic conditions of that period and the metals used.
(4) We come to know progress in art of making tools, paintings, sculpture and metallurgy.
(5) History and museums are related. They are important source of writing history

Question 3.
Audio Sources:
Answer:
(1) Recording is a form of audio source in history.
(2) The discovery of technique of recording was very important.
(3) Akashvani, audio tapes are considered important audio sources.
(4) Jana Gana Mano sung by Rabindranath Tagore, speeches of Subash Chandra Bose, Mahatma Gandhi, speeches of leaders and personalities are broadcast from Akashvani.
(5) We get to know about prevalent social, cultural, intellectual and educational history of a particular period from audio source. It is helpful for students conducting research in history.

4. Complete the following diagram.

Question 1.
Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 1
Answer:
Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 2

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Do You Know?

Museums and History:
1. Museums preserve objects, paintings, photographs, tools, etc.
2. These material sources are very helpful for researchers of history.
3. The ancient monuments are related to the kings, leaders residing in it.
4. Museums of modern period:

  • Andaman Cellular Jail: V. D. Savarkar
  • Mani Bhavan in Mumbai: Mahatma Gandhi
  • Sevagram in Wardha: Mahatma Gandhi
  • Aga Khan palace in Pune: Mahatma Gandhi

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 3

Do it:
Trace out the statues and memorials in your neighboring areas. Note down the information, of an event or personality, that you obtain through it.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Written sources:
The following aspects are included in the written sources of Modem Indian History.
Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 4

Let us know:

Dr Babasaheb Ambedkar and Newspapers:

  1. Dr. Bcibasaheb Ambedkar started the fortnightly ‘Mooknayak’ in 1920.
  2. On 4 April 1927, he started the newspaper ‘Bahishkrut Bharat.
  3. He also started newspapers namely ‘Janata’ and ‘Prabuddha Bharat’.
  4. The aim of his writing was to reform common people and bring unity among them.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 5

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Project:

Question 1.
Collect the photographs related to the Indian Freedom movement with the help of the Internet.

Question 2.
Gather information about the important leaders of Indian freedom movement and their biographies and read aloud.

Class 8 History Chapter 1 Sources of History Additional Important Questions and Answers

Rewrite the statements by choosing the appropriate options:

Question 1.
When we visit Cellular Jail in Andaman we get information about the revolutionary work of ………. .
(a) Vasudev Baiwant Phadke
(b) Umaji Naik
(c) V D. Savarkar
(d) Bhagatsingh
Answer:
(c) When we visit Cellular Jail in Andaman we get information about the revolutionary work of V. D. Savarkar.

Question 2.
………….. were composed on freedom struggle of 1857.
(a) Music
(b) Songs
(c) Powadas
(d) Bhajans
Answer:
(c) Powadas were composed on freedom struggle of 1857.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 3.
We find comments on various social and cultural issues in Nibandhmala by ………. .
(a) Krishnashastri Chiplunkar
(b) Vishnushastri Chiplunkar
(c) Lokmanya Tilak
(d) Gopal Hari Deshmukh
Answer:
(b) Vishnushastri Chiplunkar

Question 4.
Shatapatre by Lokahitawadi were published in the weekly ………. .
(a) Dnyanoday
(b) Dnyanprakash
(c) Prabhakar
(d) Deenbandhu
Answer:
(c) Prabhakar

Question 5.
In India, …………. laid the foundation of film making in 1913.
(a) Gopal Hari Deshmukh
(b) Aga Khan
(c) Dada Saheb Phalke
(d) Rabindranath Tagore
Answer:
(c) Dada Saheb Phalke

Question 6.
………. sung by Rabidranath Tagore is used as audio source of history.
(a) Jhanda Uncha rahe hamara
(b) Vande Mataram
(c) Saare Jahan se accha
(d) Jana Gana Mana
Answer:
(d) Jana Gana Mana

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 7.
In April 1927, Dr. Ambedkar started the newspaper
(a) Kesari
(b) Bahishkrut Bharat
(c) Mahratta
(d) Mooknayak
Answer:
(b) Bahishkrut Bharat

Name the following:

Question 1
Famous prison in Andaman:
Answer:
Cellular Jail

Question 2.
Mahatma Gandhi’s Memorial at Pune:
Answer:
Aga Khan Palace

Question 3.
Ashram of Mahatma Gandhi at Vardha:
Answer:
Sevagram Ashram

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 4.
Mahatma Gandhi’s memorial in Mumbai:
Answer:
Manibhavan.

Classify the following sources of history into Material sources, Written sources, Oral sources and Audio -Visual sources:

Newspapers, memorials, inspirational songs, forts, coins, correspondence, powadas, jail, palaces, films, statues, dailies, inscriptions, maps, folk tales, documentaries, autobiography, fountain, books, travelogue, owees, roads, Doordarshan, factory records, folk songs, bridge.
Answer:
Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 6

Complete the graphical description:

Question 1.
Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 7
Answer:
Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History 8

Answer the following questions in one sentence each:

Question 1.
Which period is considered to be the period of modern Indian History?
Answer:
The period of Europeans, especially British rulers and period of governance of princely states in India is considered as period of modern Indian history.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 2.
Why did Dr. Babasaheb Ambedkar start the newspaper ‘Bahishkrut Bharat’?
Answer:
Dr. Babasaheb Ambedkar started the newspaper ‘Bahishkrut Bharat’ for the reformation of common people and to bring unity among them.

Question 3.
What was the reason behind establishment of ‘The Survey of India’ during the British rule’?
Answer:
The Survey of India was established during the British rule to survey various provinces and cities of India using scientific method to prepare maps.

Question 4.
Which department prepared the original maps of Mumbai port?
Answer:
The original maps of Mumbai port were prepared by the Department of Mumbai Port Trust.

Question 5.
What is included in the material sources of history?
Answer:
The material sources of history includes various objects, monuments, places, coins, sculptures, etc.

Explain the concept:

Oral Sources:
Answer:

  1. The compositions which are passed on from one generation to the other by way of information or rote learning and which are not in written form are called the ‘oral sources of history’.
  2. Folk songs, powadas, ovees, inspirational songs, folk tales, etc. are included in oral sources.
  3. The creators of the oral sources mostly remain unknown.
  4. We come to know about prevalent social life, traditions, customs, language, etc. through oral sources.
  5. The aim of oral sources was to entertain, inspire and create vitality in the society.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Explain the following statements with reasons:

Question 1.
We should preserve historical monument s.
Answer:
1. Monuments cire witness to our glorious past. Many monuments are connected to freedom fighters and their work.
2. Sevagram Ashram at Wardha and Mani Bhavan at Mumbai give us information about the Gandhian era.
3. The cellular jail at Andaman is a witness to the sufferings of V. D. Savarkar and his revolutionary work.
4. We get information about contemporary history architecture, nature of the monument, and the economic condition of that particular period.
5. We get to know our history because of monuments and they invoke nationalistic feeling among us.

Question 2.
Statues are considered important for the study of modern history.
Answer:

  1. Memorials in the form of statues were erected of many personalities who influenced a particular period.
  2. We come to know about those great people because of statues.
  3. The display plaque on the statues give information about the name of the concerned person, his work, date of birth and his death.
  4. We get information about important events in his life, brief information about his contribution and a biographical sketch.
  5. We come to know about contemporary rulers and eminent personalities.
  6. The memorials are erected in the memory of various events also.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 3.
Maps and drawings are important sources of history.
Answer:
(1) We come to know about changing nature of a city or a location from the map.
(2) They are important from the view of study of architecture of a building as well as phases of development of a particular area.
(3) The development of Bombay city can be understood through the plans drafted by architects and engineers who made the original plan of Bombay Port Trust. Therefore, we can say that maps and drawings are important source of history.

Question 4.
It is comparatively easy to study sources of modern history.
Answer:

  1. History writing is based on evidences and proofs. It is difficult to obtain ancient and medieval sources of history but sources to study modern history are available in abundance and in variety.
  2. There are many material sources available in museums and documents in archives.
  3. Through the audio-visual source we can see the historical event in reality. Thus, to study sources of modern history is comparatively easy.

Question 5.
It is required to verify the written sources before they are used.
Answer:

  1. We have to be careful while making use of written sources. The authenticity of the documents needs to be verified.
  2. We need to see the ideas suggested through them.
  3. Before making use of the document it is necessary to know the perspective of the writer, his ideologies and opinions about a particular event.
  4. If all the angles are not considered the writings become one-sided. Hence it is necessary to verify written sources.

Answer the following questions in 25-30 words:

Question 1.
Which monuments are considered as historical monuments?
Answer:
The following monuments are considered as historical monuments:

  1. Palaces of rulers of princely state, residences of officers, leaders and revolutionaries, forts, bridges and government offices.
  2. Buildings, water supply system, fountains, roads.
  3. Prisons, national monuments, etc.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Question 2.
Why is it important to preserve sources?
Answer:

  1. Museums, Archives preserve the sources of history.
  2. This sources give evidence of our rich cultural heritage.
  3. There is a great need to preserve this sources, as it is through them, that the rich tradition of history can be passed on to the next generation.

Question 3.
Why are films considered effective audio-visual source of modern Indian History?
Answer:
(1) Due to technological development there was development in photography, recording and film making.
(2) Dada Saheb Phalke laid the foundation of Indian Film Industry. Many movies were made on historical events and personalities.
(3) Audio-visual recordings of Dandi Yatra and on Salt Satyagraha movement are available.
(4) We get information of social, political condition, dress, traditions, language of particular period from the films and audio tapes.
(5) The events happened in the past could be seen in reality. Therefore films are considered as an effective audio-visual source of modem Indian History.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

Answer in detail:

Question 1.
Write about the work of newspapers in pre-independence period.
Answer:

  1. Newspapers like Amrit Bazaar Patrika, Deenbandhu, Dnyanoday, Kesari, etc. acted as important source to awaken the minds of the people.
  2. They criticized the anti-India policies of Britishers.
  3. Western education and knowledge reached people through them.
  4. Newspapers and weeklies were the source of various political, social and cultural events.
  5. They commented on ill customs and practices in our society and thus were the source of social reformation.
  6. They discussed various policies of British rulers and their effects on India.
  7. The work and ideas of leaders and reformers reached people through them.

Question 2.
Write about the importance of the following as sources of history:
(a) Inspirational songs
(b) Powadas
Answer:
(a) Inspirational songs:

  1. Many inspirational songs were written during the period of freedom movement.
  2. Many unpublished inspirational songs were memorised by freedom fighters.
  3. We get information about the prevalent conditions during pre-independence period.
  4. We come to know about our heritage, work of great men, injustice done by the Britishers.
  5. They gave inspiration to the society and infused spirit in the freedom movement.
  6. As they convey information about the place, person and his deed they are useful in writing history.

Maharashtra Board Class 8 History Solutions Chapter 1 Sources of History

(b) Powadas:
(1) Powadas were a dramatic narration by alternatingly reciting poetry and prose extract. It is a source to get information about a historical work of a person or an event.
(2) Powadas were composed on the freedom struggle of 1857 and valour of revolutionaries during the British rule.
(3) Powadas were composed on work of Satyashodhak Samaj to awaken the oppressed classes.
(4) During the Samyukta Maharashtra movement, Powadas were composed to inspire people. They used to create motivation, spirit among the people and infused enthusiasm and vitality.

Question 3.
Is there any need of statues and memorials?
Answer:
Recently there had been quite a few incidents and politics on statues and memorials. But still, I feel they should be there for the following reasons:

  1. Statues are raised in memory of those people who had contributed for the welfare of the society.
  2. Memorials are raised of events which are inspirational.
  3. A Memorial is a testimony of the work done, in adverse conditions. Statues give us inspiration to have ideal morals.
  4. They are testimonials of our rich heritage and as heirs what have we inherited.
  5. They need not be raised in large numbers nor should there be statues of common people and of criminals.
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Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts

By going through these Maharashtra State Board Book Keeping & Accountancy Notes 12th Chapter 1 Introduction to Partnership and Partnership Final Accounts students can recall all the concepts quickly.

Maharashtra State Board 12th Accounts Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts

Introduction, Meaning and Definition of Partnership-

Introduction : When development of single ownership firm takes place or when expansion of the business is planned then naturally, third party help is mandatory. The partnership firm is emerged from capital and managerial limitations of single ownership firms. Hence, when two or more persons, competent to enter into a contract, make an agreement, contribute required capital, undertake certain lawful business for earning profit and sharing the same in agreed proportion, then such union is termed as ‘Partnership’.
The persons who have entered into partnership are individually known as ‘Partner’ and collectively known as a ‘Firm’.

Meaning : Partnership is a business organization, where more than one person come together, make an agreement, contribute capital to carry on a lawful business with the primary objective of earning profit.

Definition : Section 4 of the Indian Partnership Act. 1932 defines a partnership as, “The relation between persons who have agreed to share the profits of a business carried on by all or any one of them acting for all. ”

Prof. Haney defines partnership as, “The relation existing between persons competent to make contract who agree to carry on a lawful business in common with a view to earn private gain. ”

Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts

Features of partnership firm : The main features of partnership firm are stated below :

(1) Agreement: Foundation of partnership is agreement. Agreement may be either in oral or in written form. Written form of agreement is advisable because it can be used as a proof in the court of law, in case of any future disputes. The written agreement is termed as partnership deed.

(2) Number of partners : Minimum two persons are required to form the partnership firm. According to the Companies Act 2013, maximum number of partners is fifty.

(3) Lawful business : The business undertaken by partnership, must be lawful. It cannot undertake illegal activities or business not permitted by law.

(4) Sharing of profit and losses : Main objective of partnership is to earn maximum profits, and distribute it among the partners in agreed proportion. Profit or loss is to be shared equally among the partners if the agreement is silent on ratio.

(5) Unlimited liability : The liability of all partners except minor partner is unlimited. The creditors can claim and recover their dues from the private property of partners, if business property is not sufficient to settle their claims. If any partner is declared insolvent, then his liability is to be borne by the solvent partner.

(6) Registration : According to the Indian Partnership Act 1932, registration of partnership firm
is optional. However, registration of partnership firm is made compulsory only in the state of Maharashtra. Registration means entering the name of partnership firm in the register maintained by the Registrar after the completion of required formalities.

(7) Joint ownership and management : Each partner is joint owner of the property of the firm. So any partner of the firm cannot use property of firm for personal use. Each partner has right to participate in the management of a firm, so all the partners are jointly responsible for all the activities of the firm.

(8) Principal and Agent : Partners carrying on business, works as a Principal and Agent. A partner
act as a principal of the firm for business concerned persons or outsiders and act as a partner with other partners of a firm.

(9) Dissolution : Dissolution of firm means closure of business of the firm. Dissolution of partnership firm is simple and easy. Any one of the partners can take active part to dissolve the firm by giving fourteen days notice. Unless there is an agreement, partnership gets dissolved on death, retirement or insolvency of a partner.

Partnership Deed : A partnership is contractual relationship. Agreement may be oral or written. An agreement which is written and signed by all the partners is called Partnership Deed. It contains terms and conditions of partnership and also rules relating to internal management of the firm.

Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts

The usual contents of a partnership deed are : (1) Name and address, Telephone nos., e-mail address of the firm and its main business. (2) Name, addresses and other information of all partners and duration of the partnership. (3) The amount of capital contributed or to be contributed by each of the partners. (4) The profit and loss sharing ratio of the partners. (5) Rights, duties and liabilities of all partners. (6) Provisions for admission, retirement and death of partner. (7) Rate of interest on capital, loan and drawings, if any. (8) Salaries, commission, etc. payable to partners or any partner. (9) Procedure for dissolution of the firm and settlement of accounts after dissolution.

(10) The methods of settlement of disputes among the partners. (11) Other terms and conditions relating to the conduct of business which are agreed by all the partners.

Importance of Partnership Deed : As partnership deed contains all the terms and conditions of partnership and haying bases of mutual relationship among the partners, it is known as a very important document. With the help of partnership deed, rights, duties and liabilities of all partners and firm can be regulated. To avoid any disputes in future, Partnership Deed duly signed by all the partners and registered under the Indian Partnership Act 1932 is always advisable.

The Indian Partnership Act 1932-

At the time of commencement of partnership, partnership deed is prepared which contains all the required terms and conditions of Partnership. However, if there is no agreement, written or oral, and if partnership deed is silent about any issue among the partners, provisions of the Indian Partnership Act 1932, section 12 and 17 are made applicable, which are as follows :

(1) Distribution of Profits : In the absence of partnership deed or if partnership deed is silent about profit and loss ratio, profits or losses are to be shared equally among the partners.

(2) Interest on Drawings : As per the provisions of the Indian Partnership Act 1932, no interest is to be charged on drawings made by the partners. If provisions are made in the partnership deed in respect to payment of interest on drawings, then interest on drawings is charged. If the date of withdrawal of money is not given, then interest on drawings is charged for average period of 6 months.

(3) Interest on Partner’s Loan : As per the provisions of the Indian Partnership Act, 1932, if any partner has advanced loan to the firm over and above his capital contribution, such a loan is to carry interest @ 6 % per annum. However, if any provision is made In the partnership deed In respect to payment of interest on loan given by a partner to partnership, then interest is paid on such loan at the specified rate.

(4) Interest on Capital : As per the provisions of the Indian Partnership Act, 1932 no partner is entitled to receive any interest on his capital contribution. However, if provisions are made in the partnership deed in respect to payment of interest on capital, then partners are entitled to receive interest on their capital contributions as per the rate of interest mentioned in the agreement.

(5) Salary or Commission to Partners : As per the provisions made in the Indian Partnership Act,
1932, no salary, commission, allowance or any remuneration is to be given to any of the partners for any extra work done by partners for the firm. However, if any provision is made in partnership deed, then partners are entitled to get commission or salary as per the agreement.

(6) Admission of a new Partner : As per the provisions of the Indian Partnership Act, 1932, no outside person can be admitted into the firm as a partner without the consent of all partners.

Methods of Capital Accounts-

Amount in cash or in kind brought in by the partner to manage business activities is called Capital. The capital contribution may be in the form of cash or in the form of assets other than cash, e.g. Goods, Machinery, Land, Buildings, Furniture, etc. An amount of capital may be either in their : profit sharing ratio or in equal ratio. Such amount of capital may be in any proportion as per the mutual understanding of the partners. There are two methods of maintaining the capital accounts of the partners, viz. (1) Fixed Capital Method and (2) Fluctuating Capital Method.

The Indian Partnership Act, 1932 is silent on the point of adoption of specific method of capital by the Partnership firm. The partners themselves may decide which method of capital is to be followed and mention the method of capital adopted in the partnership deed. If partnership deed is silent on
this point, then the partnership firm has to adopt Fluctuating Capital Method.

Fixed Capital Method : Under this capital method opening balance of capital of a partner remains same upto at the end of that financial year. These capital balances will change only when partner introduces an additional capital or withdraws a part of his capital from the firm. Under Fixed Capital Method, along with capital account, a separate personal account, called Current Account is also opened and operated for every partner to record other dealings of partner with the partnership firm.

(i) Partner’s Capital Account: In this account the entries for the following transactions are recorded :

  • Amount contributed by the partner in the beginning or opening balance of capital if the partnership firm is already established its business.
  • Additional capital if any introduced by the partner during the accounting year.
  • Part of the capital withdrawn by the partner during the accounting year.

Usually Partner’s Capital Account shows credit balance and it is shown on the Liabilities side of Balance Sheet.

Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts

Pro forma of Partners’ Capital Accounts : The pro forma of Partners’ Capital Accounts prepared under Fixed Capital Method is shown below : It is assumed that there are two partners, viz. X and Y.

Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 1

Journal Entries:

(1) When cash is brought In the firm by the partner as additional capital:
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 2
(2) When additional capital is introduced in the firm by the partner in the form of Assets:
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 3
(3) When part of the capital is withdrawn by the partner:
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 4

(ii) Partners’ Current Accounts : If Fixed Capital Method is adopted by the firm, then Current Account for each partner is opened and operated. In Current Account, following transactions are recorded :

  • Drawings (if any) made by the partner in the current accounting year.
  • Cash or goods or any other asset taken over by the partner.
  • Interest on Partners’ Capital allowed by the firm.
  • Interest on Partner’s Drawings charged by the firm.
  • Salary, commission, rent, interest on loan, allowance, etc. payable to the partner.
  • Distribution of net profit or net loss of the firm.

Pro forma of Partners’ Current Accounts : The pro forma of Partners’ Current Accounts prepared under Fixed Method is shown below : in the following pro forma ledger accounts, it is assumed that X’s Current A/c showed a credit balance and Y’s Current A/c showed a debit balance at the beginning of the year.

Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 5

Journal Entries :

(1) Interest allowed on Partners’ capital :
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 6

(2) Salary/Commission allowed to Partners :
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 7

Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts

(3) Cash/Goods withdrawn by the partners from the business for their personal use :
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 8

(4) Interest charged on Partners’ Drawings :
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 9
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 10

(5) Division or distribution of net divisible profit or loss :
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 11

Partners’ Current Accounts may either show debit balance or credit balance. Credit balances of Partners’ Current Accounts are transferred to Liabilities side of Balance Sheet. Similarly, debit balances of Partners’ Current Accounts are transferred to Assets side of Balance Sheet.
Effects of above entries in Profit and Loss A/c is as follow :

Pro forma of Profit and Loss Account :
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 12

Fluctuating Capital Method : In the Fluctuating Capital method, balances on capital accounts changes every year. Under this method, to record partners dealings with partnership firm, only one account ‘Capital Account’ is opened and following transactions are recorded in it:

  • Initial or opening balances of capital
  • Additional capital brought in by partners in form of cash or its kind (Assets)
  • Salary/Commission payable to partners
  • Interest payable on capital balance to partners
  • Drawings made during the year and interest payable on drawings by the partners
  • Withdrawal of part of the capital by the partners
  • Division and transfer of net divisible profit or net adjustable loss of the firm.

The credit balances of fluctuating capital accounts of the partners are recorded separately on the Liabilities side of the Balance Sheet.

Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts

Pro forma under Fluctuating Capital Method :
Maharashtra Board Book Keeping and Accountancy 12th Notes Chapter 1 Introduction to Partnership and Partnership Final Accounts 13

Maharashtra Board OCM 11th Commerce Notes Chapter 1 Introduction of Commerce and Business

By going through these Maharashtra State Board Organisation of Commerce and Management 11th Notes Chapter 1 Introduction of Commerce and Business students can recall all the concepts quickly.

Maharashtra State Board Organisation of Commerce and Management 11th Notes Chapter 1 Introduction of Commerce and Business

Human Activities –

Non-Economic Activities

  • Done without monetary reward.
  • Done to satisfy personal social or religious requirements.
  • Examples
    • Teacher teaching her son.
    • Serving people.
    • Cooking by mother, etc.

Economic Activities:

  • Involves production, distribution and consumption of goods and services.
  • Done for monetary reward
  • Examples
    • Teacher teaching in a school.
    • Worker working in a factory.
    • Doctor working for a hospital.
  • Further divided into 3
    1. Business
    2. Profession
    3. Employment

Maharashtra Board OCM 11th Commerce Notes Chapter 1 Introduction of Commerce and Business

Definition of Business-

By Prof. L. H. Haney
“Business activities are all those human activities which are directed towards the prod uction and processing of wealth”

By Pride, Hughes and Kapoor “The organised efforts of individuals to produce and sell for a profit, the goods and services that satisfy society’s needs”

Characteristics / Features of Business-

  1. Continuity in Dealings: Every business requires regularity in transactions.
  2. Uncertain Returns: Returns are never predictable or guaranteed, it may earn profit or suffer a loss.
  3. Risk Element: Exposure to loss due to some unfavorable or undesirable event. Intensity of risk can be minimized but can’t be avoided.
  4. Satisfaction: Satisfying the customers by providing quality products and services at a reasonable price.
  5. Two Parties: Minimum two parties are required for exchange i.e. the seller and the buyer.
  6. Economic Activity : To earn money or livelihood.
  7. Profit Motive :
  8. Basic purpose of business is to earn the profit.
  9. It is spine of business which keeps the business growth till long term.
  10. Production of Goods and Services : Goods are either manufactured or procured from the supplier with aim of selling to consumers for profit.
  11. Exchange of Goods and Services :
    1. Transfer of goods and services directly or indirectly with money or money’s worth.
    2. e.g. Buying clothes against cash.
  12. Dealings in Goods and Services :
  • Every business is involved either with Goods or Services.
  • Goods-
    • Consumer Goods (Tea, Milk, Pencil, etc.)
    • Capital Goods (Machinery, Plant, Furniture, etc.)

Profession-
Part of economic activities under which a person uses his educational knowledge and special skill to
render services for earning some income.
e.g. Doctor, Lawyer, Chartered Accountant, Professor, etc.

Features of Profession-

(i) Qualification : Practiced after acquiring required qualifications.

(ii) Returns :

  • Professional gets fees in exchange of service rendered.
  • Can be employed in an organization or self employed.

(iii) Capital:

  • Either can be practiced independently or professionals can work under someone.
  • Independent practiced professional requires huge capital for setup.

(iv) Work Nature :
Professionals hold special knowledge and do skillful work like Doctors , Lawyers, etc.

(v) Aim:

  • Practiced for earning money.
  • Render service to their clients and solve their problems.

(vi) Registration and Membership : Professionals have to register them with their respective council and get certificate for practice.

(vii) Non-transferability : Profession cannot be transferred to other person on the will of professional.

Maharashtra Board OCM 11th Commerce Notes Chapter 1 Introduction of Commerce and Business

Employment-

  • It is an economic activity in which people work for others for remuneration.
  • Term and conditions are agreed by both employer and employee.

Features of Employment-

(i) Qualifications:

Skilled Job

  • Requires specific qualifications,
  • E.g. Job of Accountant or Nurse

Unskilled

  • Requires specific qualifications,
  • E.g. Office boy or Clerk.

(ii) Monetary Returns :

Wages

  • Decided in advance before appointment.
  • Paid daily or weekly.

Salary

  • Paid monthly
  • Other benefits are also provided.

Capital: No capital is required for employment.

Nature of Work : The nature of job decide the nature of work.

Aim: To earn money for meeting needs of employer and employee.

Registration:

  • No registration is required.
  • Has to follow rules and regulation as mentioned in the terms and conditions of the employment- contract.

Non-transferability : Employment cannot be transferred from one person to another.

Maharashtra Board OCM 11th Commerce Notes Chapter 1 Introduction of Commerce and Business

Business Objectives-

  1. Economic Objectives
  2. Social Objectives

Economic Objectives

  • Searching New Customers
  • Earning Profit
  • Best Possible use of Resources
  • Innovations

Social Objectives

  • Contributing to the welfare of the society
  • Avoiding unfair trade practices
  • Supplying quality Products
  • Help to solve social problems
  • Employment generation
  • Welfare of employees

Role of Profit in Business
Profit = Revenue – Total Cost

Role of Profit

  1. Returns to investor
  2. Research and Deve1opmen
  3. Growth and Expansion
  4. Increases efficiency
  5. Means of livelihood.
  6. Reputation .
  7. Reward for risk
  8. Survival

Maharashtra Board OCM 11th Commerce Notes Chapter 1 Introduction of Commerce and Business 1

Classification of Business Activities-

  1. Industry
  2. Economic Activities-

Industry:

  1. Primary Industry
  2. Secondary Industry
  3. Tertiary Industry

Primary Industry

  • Industry
  • Agriculture
  • Extractive
  • Genetic

Secondary Industry

  • Manufacturing
  • Construction

Tertiary Industry

  • Transport
  • Banking
  • Hotel
  • Tourism
  • Entertainment

Economic Activities-

  • Trade
  • Auxiliaries to trade-

Trade

  • Home Trade
  • Foreign Trade

Home Trade

  • Wholesale Trade
  • Retail Trade

Foreign Trade

  • Import
  • Export
  • Entrepot/ Re-export

Auxiliaries to trade-

  • Transport
  • Warehousing
  • Insurance
  • Banking
  • Advertising
  • Mercantile agents
  • Communication

Maharashtra Board OCM 11th Commerce Notes Chapter 1 Introduction of Commerce and Business 2

Maharashtra Board OCM 11th Commerce Notes Chapter 1 Introduction of Commerce and Business

Word Meaning:

monetary – related to money; consumption – using; livelihood – to get basic needs of life; systematic – properly arranged; reward – returns; multiple – many; complex – difficult; manpower – human; cultivating – a process in farming; warehousing – place where goods are stored; spine – backbone; intangible – can’t be seen physically; continuity – regularly; predictable – expected; intensity – force; render – provide; acquiring – obtaining; code of conduct – set of rules; expert – person knowledgeable in a particular area; remuneration – salary; quarters – place to stay provided by company to his employees; subsidized – in low cost; bulk – in large quantity; survival – continuing to live; scarce – short in supply; unfair trade – wrong business practice; black marketing – illegal trade; misleading – false information; divyang – physically challenged; welfare – wellbeing; impartial – equal treatment; incentives – benefits in terms of money; retention – continuation; volume – size; diversification – process of enlarging the business; adverse – unfavorable; utility – useful; crude – raw material; tertiary – service; uninterrupted – continuation; auxiliaries – assistant; hindrances – problems; reasonable – low cost; rescue – save; desire – strong wish to have something; prominent – important; scattered – found in various location; information explosion – increased amount of information; broader – large; narrow – limited.

Maharashtra State Board Class 11 Notes

Maharashtra State Board Class 11th Notes

Maharashtra State Board Notes