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Partnership Deed is necessary to prevent disputes or misunderstandings among the partners in the future.

A written partnership agreement is always desirable.

The important provisions affecting partnership accounts are as follows: 

(a) Profit Sharing Ratio: If the partnership deed is silent about the profit sharing ratio, the profits and losses of the firm are to be shared equally by partners, irrespective of their capital contribution in the firm.

(b) Interest on Capital: No partner is entitled to claim any interest on the amount of capital contributed by him in the firm as a matter of right. However, interest can be allowed when it is expressly agreed to by the partners. Thus, no interest on capital is payable if the partnership deed is silent on the issue. In case the deed provides for payment of interest on capital but does not specify the rate, the interest will be paid at the rate of 6 per cent per annum. Further the interest is payable only out of the profits of the business and not if the firm incurs losses during the period.

(c) Interest on Drawings: No interes. is to be charged on the drawings made by the partners, if there is no mention in the Deed.

(d) Interest on Advances: If any partner has advanced some money to the firm beyond the amount of his capital for the purpose of business, he shall be entitled to get an interest on the amount at the rate of 6 per cent per annum.

(e) Remuneration for Firm’s Work: No partner is entitled to get salary or other remuneration for taking’-part in the conduct of the business of the. firm unless there is a provision for the same in the Partnership.Deed.

Hunter commission recommended to start primary schools for girls in 1882.

On the basis of written partnership deed, the solution of any misunderstanding dispute in future can be obtained.

The Bethune school was founded in 1849 by J.E.D. Bethune

Salary, bonus or commission will not be given to the active partner of business if no provision is there for the same in the partnership deed.

When there is no provision for the distribution of profit or loss among the partners, profit or loss of business will be distributed equally among partners.

(d) Vidya Sagar

(c) A is correct and R explains A

(d) All of the above

The practice of sat was abolished in 1829

(d) all the above

(b) Dr. Muthulakshmi Ammaiyar

At 6% interest on loan given by partner to the firm is calculated, if no provision is there for the same in the partnership deed.

During the British Raj, many socioreligious reformers like Raja Rammohan Roy, Dayananda Saraswathi, Keshab Chandra Sen, Iswara Chandra Vidya Sagar, Pandita Ramabai, Dr. Muthulakshmi, Jyoti rao phule, Periyar E.V.R, Dr. Dharmambal were the prominent leaders who fought for the upliftment of women.

• The spread of female education led to several other social reforms of great consequences, such as the abolition of purdah system, participation of women in the freedom struggle.
• In the early anti-colonial Struggle women played major roles in various capacities,
• Velunachiyar of Sivaganga fought violently against the British and restored her rule in Sivaganga. 
• Begum Hazrat Mahal, Rani Lakshmi Bhai of Jhansi led an armed revolt of 1857* against the British.
• In the freedom struggle thousands of women came out of their homes, boycotted foreign goods, marched in processions, defied laws, received lathi charges and Courted jails.

• Significant advances were made in the field of emancipation of women.
• It created of national awakening among the masses.
• It created the feeling of sacrifice, service and rationalism.
• The practice of sati and infanticide were made illegal.
• It permitted widow remarriage.
• The following legislations have enhanced the status of women in matters of marriage adoption and inheritance.

Legislation Provisions:

• Bengal regulation of XXI, 1804 – Female infanticide was declared illegal
• Regulation of XVII, 1829 – Practice of sat was declared illegal
• Hindus Widow’s Remarriage Act, 1856 – It permitted widow remarriage
• The Native Marriage Act, 1872 – The Child Marriage was prohibited 
• The Sharda Act, 1930 – The age of marriage was raised for boys and girls
• Devadasi abolition Act, 1947 – It abolished Devadasi system

(a) Lord William Bentinck

1. Sati was social evil that prevailed in Indian Society especially among the Rajputs,

2. The feudal society of the time encouraged “sati” which meant self-immolation of the widow on the funeral pyre of her husband.

3. Earlier it was a voluntary act but later by the relatives forced the widow to sit on the funeral pyre.

(d) All of the above

Sat, child marriages, female infanticide, Purdah system and slavery were some of the social evils that existed in Indian Society

Velunachiyar of Sivaganga, Begum Hazrat Mahal and Rani Lakshmi Bhai of Jhansi were important women freedom fighters of India.

The contribution of the social reformers for the eradication of social evils is listed below.

(a) Raja Ram Mohan Roy:

• Raja Rammohan Roy was, the pioneer of Indian social reform movement by abolishing sati in 1829 with the help of Lord William Bentinck.
• He also protested against the child marriage and female infanticide and favoured the remarriage of widows.

(b) Ishwar Chandra Vidhyasagar:

• Ishwar Chandra Vidhyasagar carried on the movement for female education, widow remarriage and abolition of polygamy in Bengal.
• He was instrumental to passing of the Hindu Widow Remarriage Act in 1856.
• His son Narayanachandra set an example to others by marrying a widow of his choice.

(c) Kandukuri Veeresalingam:

• Veeresalingam Pantulu published a journal Viveka Vardhani.
• He opened his first girls’ school in 1874, and made widow remarriage and female education the key points of his programme for social reform.

(d) M.G. Ranade and B.M. Malabari:

• In Bombay presidency, M.G. Ranade and B.M. Malabari carried on the movement for the upliftment of women.
• In 1869, Ranade joined the Widow Remarriage Association and encouraged widow remarriage and female education.
• He opposed child marriage.
• In 1884, B.M. Malabari, a journalist, started a movement for the abolition of child marriage.

(e) Gopal Krishna Gokhale:

In 1905, Gopal Krishna Gokhale started the Servants of India Society to reform the society with various measures.

(f) Periyar E.V.R:

Periyar E.V.R. was one of the greatest social reformers of Tamil Nadu. He advocated upliftment of women education, widow remarriage and opposed child marriages.

(g) Women Reformers:

• In 1889, Pandita Ramabai opened Sarada Sadan for Hindu widows in Bombay.
• Dr. Annie Besant established Theosophical society to developed general social reform programme.
• Dr. S.Dharmambal showed great interest in implementing widow remarriage and women education.
• Moovalur Ramamirdham Ammaiyar opposed Devadasi system along with Dr. Muthulakshmi Ammaiyar.

(c) In Later Vedic period

The Mughal ruler Akbar attempted to abolish sati.

To promote female education, Vidhyasagar founded several girls’ schools in the districts of Nadia, Midnapur, Hugh and Burdwan in Bengal.

(d) All of the above

Some of the notable women during the medieval period were Razia sultana, Queen Durgavati, Chand bibi, Nurjahan, Jahan nara, Jijabai and Mira bai.

• Female education was informal 
• Girls usually had their lessons from their parents in their childhood. 
• The rich appointed tutors to teach their daughters at home.

1. False 

2. True 

3. True 

4. False 

5. True 

6. True

7. False 

8. False 

9. False 

10. True 

11. True 

12. True 

13. False 

14. True 

15. True

1. uniform 

2. 1856 

3. Jauhar 

4. Muslim 

5. Calcutta 

6. 1914 

7. poona 

8. Delhi 

9. Female Infanticide 

10. tribes 

11. Sati 

12. Periyar E.V. Ramasamy 

13. Iswar Chandra Vidya sagar 

14. Widows

15. Article 14

• In the medieval period the position of women in society further deteriorated.
• Women suffered from many social evils such as sati, child marriages, Purdah system, female infanticide and slavery.
• Normally monogamy was in practice but among the rich polygamy was prevalent.
• Widow re-marriage was rare. Devadasi system was in practice in some parts of India.
• The Rajputs of Rajastan, the Jauhar was practiced. 
• The condition of widow became miserable during the medieval period.
• But People like Akbar attempted to abolish sati. 
• There were exceptional women like Razia Sultana, Queen Durgavati, Chand bibi, Nurjahan and Mira bai.
• Women’s education was not completely ignored. Female education was informal. Girls usually had their lessons from their parents in their childhood. 
• The rich appointed tutors to teach their daughters at home.
• The daughters of Rajput chiefs and Zamindars studied literature and philosophy.

1. Most of the reform movements like Brahma Samaj, Prarthana Samaj and Arya Samaj were led by male reformers.

2. Women reformers like Pandita Ramabai, Rukhmabai and Tarabai Shinde tried to extent further. 

3. In 1889, Pandita Ramabai opened Sarada Sadan in Bombay to educate Hindu widows. 

4. Dr. Annie Besant established Theosophical society at Chennai developed general social reform programme. 

5. Dr. S.Dharmambal showed great interest in implementing widow remarriage and women education. 

6. Moovalur Ramamirdham Ammaiyar’ opposed Devadasi system along with Dr. Muthulakshmi Ammaiyar. 

7. Thus women reformers also contributed a lot for winning their own rights 

8. As a result three major national women’s organizations were started. They were

• Women’s India Association
• National Council of Women in India
• The All India Women’s Conference

• Women in India now participate in all activities such as education, politics, medical, culture, service sectors, science and technology. 
• The constitution of India guarantees through Article 14 equal opportunity and equal pay for equal work. 
• The National policy for empowerment of women was passed under the National Policy on Education in 1986.
• New programme was launched called Mahila Samakhya.
• It mainly focused on empowerment of women. 
• Reservation of 33 percent to women, envisaged an improvement in the sociopolitical status of women. 
• The National Commission for women was set up in January 1992. 
• it reviews women related legislation and intervene in specific individual complaints of atrocities and denial of rights.

Human society is constantly changing with additions, assimilation and omissions from within and outside.

Capital at the end of the year = Capital in the beginning + Additional Capital + Profit – Drawings
= 70,000 + 20,000 + 20,000 – 7,000
= Rs. 1,03,000

A trial balance cannot be prepared under a single entry system.

A statement that is prepared under a single entry system to calculate profit or loss is called a statement of profit or loss.

Double entry system

Explanation: In contrast to single-entry system, under double-entry system, the dual aspect of each transaction is recorded. In other words, debit and credit aspects of nominal, real and personal accounts are recorded. Therefore, this system is considered more reliable and scientific.

False

Explanation: No set rules are followed to record transactions under single-entry system. Only cash and personal accounts are maintained without any prescribed rules. Thus, it is also known as a system of incomplete records

False

Explanation: Under single-entry system, statement of profit shows the results of business activities. Instead, the financial position of a business is disclosed by preparing the statement of affairs.

True

Explanation: Under single-entry system, it is difficult to prepare Trial Balance from incomplete records. As Trial Balance cannot be prepared, arithmetical accuracy cannot be assured.

True

Explanation: As incomplete records are maintained under this system, it is not possible to prepare a Trial Balance. Only transactions related to cash and personal accounts are recorded under single-entry system, while transactions related to real and nominal accounts are ignored. Hence, it is difficult to prepare a Trial Balance.

False

Explanation: Under single-entry system, drawings made during the year are added to the capital at the end of the year in order to arrive at the profit figure. Hence, drawings made during the year increase the profit under this system.

True

Explanation: Only transactions related to cash and personal accounts are recorded under single-entry system. Real and nominal accounts are ignored. As accounts under single-entry are maintained by small businesses with limited number of transactions, incomplete records are maintained under this system.

False

Explanation: Under this system, transactions related to only cash and personal accounts are recorded. However, transactions related to real and nominal accounts are ignored. So, in that sense, incomplete records are maintained.

(i) Double Entry System

(ii) Single Entry System

(iii) Closing Statement of Affairs

(iv) Double Entry System

(v) Statement of Profit or Loss

A bookkeeping system that only records one aspect of each business transaction. i.e. either debit or credit is called single entry system.

Single entry system is a system of book keeping in which incomplete records are maintained. Under this system, records of only cash and personal accounts are maintained. There are no defined set of rules to be followed. It is particularly suitable for small businesses with a limited number of transactions. Accounts maintained under this system are known as incomplete double-entry records.

A bookkeeping system that only records one aspect of each business transaction. i.e. either debit or credit is called single entry system.

A statement of affairs is basically a statement of capital, showing assets and liabilities as on the date of its preparation. There are two such statements, i.e. Opening Statement of Affairs (to ascertain the opening capital) and Closing Statement of Affairs (to ascertain the closing capital).