Rights of Partner Class 12 Accountancy

Are you looking for the rights of partners as given in Accounting for partnership – Fundamentals chapter of Class 12 Accountancy CBSE Board.

I have summed all rights of partners as given in the syllabus of class 12 Accountancy.

Rights of Partners as given in Accounting for partnership – Fundamentals Chapter of Class 12 Accountancy CBSE Board

Below are the Rights of Partners in Partnership Firm.

Every partner has the right to participate in the management of the business.
Every partner has the right to be consulted about the affairs of the business.
Every partner has the right to inspect the books of account and have a copy of it.
Every partner has the right to share profits or losses with others in the agreed ratio.
If a partner has advance loan, he has the right to receive interest thereon at an agreed rate of interest. In case the rate of interest is not agreed, interest is paid at the rate provided in the Indian Partnership Act, 1932, i.e., @ 6% p.a.
In case of an emergency, a partner has the right to act according to his best judgment and be indemnified for the expenses incurred by him.
A partner has the right not to allow the admission of a new partner.
After giving proper notice, a partner has the right to retire from the firm.
If a partner incurs expenses on the business or he pays amount on behalf of the firm, that partner gets indemnified for the payments made by him from the firm.

S.N	Topics
1.	Definition of Partnership
2.	Features of Partnership
3.	What are the Rights of Partners
4.	What is Partnership Deed, Meaning, content
5.	What are the Rules in the absence of a Partnership Deed
6.	What are the Rules in the absence of Partnership Deed
7.	What are the Liabilities of Partners
8.	Profit and Loss Appropriation Account format, features
9.	Journal Entries of Profit and Loss Appropriation A/c
10.	Difference between Profit and Loss A/c and Profit and Loss Appropriation A/c

S.N	Topics
11.	Difference between charge against profit and appropriation of Profit
12.	Treatment of Interest on loan by the firm to the partner
13.	Treatment of Interest on loan by the Partner to the firm
14.	Treatment of Rent paid to partner in partnership firm
15.	Accounting Treatment of Managers commission in partnership
16.	Items not shown in Profit and Loss Appropriation A/c
17.	Methods of Maintaining Partners Capital A/c
18.	Accounting Treatment When Appropriation is more than the Available Profit
19.	Difference Between Fixed Capital A/c and Fluctuating Capital A/c
20.	Difference Between Capital and Current A/c