Important Sections of the Indian Partnership Act, 1932 (for Class 12)
Section Title / Subject Easy Explanation
Sec 4 Definition of Partnership Partnership ka matlab aur basic definition
Partnership kab banti hai – sirf agreement se,
Sec 5 Partnership arises from contract
status se nahi
Kis base pe decide hota hai ki partnership hai
Sec 6 Determining existence of partnership
ya nahi
Sec 7 Partnership at will Jab duration fix nahi hota partnership ka
Sec 11 General duties of partners Partners ki basic responsibilities
Sec 12 Rights of partners Har partner ko kya-kya rights milte hain
Mutual relations and liabilities of Partners ke beech ka rishta – salary, interest,
Sec 13
partners etc.
Sec 14 Property of the firm Firm ki property kaunse assets hote hain
Firm ki property ka use kis purpose ke liye
Sec 15 Application of firm’s property
hoga
Partner firm ke naam pe khud ka profit nahi
Sec 16 Personal profits earned by partners
kama sakta
Rights and duties after change in firm
Sec 17 Admission, retirement ke baad naye rules
constitution
Partner firm ke liye kaam karta hai – agent ki
Sec 18 Partner is agent of the firm
tarah
Sec 19 Implied authority of a partner Partner kya decision le sakta hai bina puchhe
Liability of a partner for acts of the
Sec 25 Firm ke kaam ke liye sab partners zimmedar
firm
Sec 31 Admission of a new partner Naya partner kaise admit hota hai
Sec 32 Retirement of a partner Partner firm se kaise retire hota hai
Kisi partner ko bahar nikalna ho toh kya rules
Sec 33 Expulsion of a partner
hain
Marne ke baad bhi kuch cases me zimmedari
Sec 35 Liability of deceased partner
banti hai
Sec 39 Dissolution of partnership firm Firm band hone ke rules
Settlement of accounts after Firm band hone ke baad accounts kaise settle
Sec 48
dissolution karte hain
Important Sections of the Companies Act, 2013 (Related to Shares – Class 12)
Section Title / Subject Simple Explanation
Sec
Definition of "Share" Share ka matlab kya hota hai
2(84)
Sec 43 Kinds of Share Capital Equity aur Preference Shares ke types
Shares ek property hote hain jo bechi ja
Sec 44 Share as Movable Property
sakti hai
Share certificate kya hota hai aur uska
Sec 46 Certificate of Shares
importance
Equity shareholders ko vote karne ka right
Sec 47 Voting Rights
hota hai
Jab shares premium par issue hote hain,
Sec 52 Securities Premium Account
uska use
Prohibition on Issue of Shares discount par issue nahi ho sakte
Sec 53
Shares at Discount (except sweat equity)
Free shares jo employees ko diye jaate
Sec 54 Issue of Sweat Equity Shares
hain special cases me
Issue and Redemption of Preference shares ka redemption (wapas
Sec 55
Preference Shares lena) kaise hota hai
Further Issue of Share Company agar naye shares issue kare
Sec 62
Capital existing shareholders ko
Company apne hi shares wapas kharid
Sec 68 Buy-back of Shares
sakti hai kuch condition me
Transfer to Capital Jab shares redeem hote hain toh ek
Sec 69
Redemption Reserve reserve create hota hai
Important Terms with Their Sections (Short)
Sweat Equity – Sec 54
Bonus Shares – Governed by Sec 63 (not in detail in Class 12)
Right Issue – Sec 62
Buy-back – Sec 68
Securities Premium – Sec 52
Important Sections – Financial Statements (Companies Act, 2013)
Section Topic / Title Simple Explanation
Sec Definition of Financial Financial statements ka matlab: Balance
2(40) Statements Sheet, P&L, Cash Flow etc.
Har company ko financial statements banani
Sec 129 Financial Statements
hoti hain prescribed format me
Govt. prescribe karta hai Accounting
Sec 133 Accounting Standards
Standards (AS) under this section
Signing and Approval of Board of directors kis tarah statements
Sec 134
Financial Statements approve karte hain
Corporate Social Class 12 level pe thoda touch hota hai;
Sec 135
Responsibility (CSR) companies ko CSR me paisa dena hota hai
Iske andar Balance Sheet & Statement of P&L
Schedul Format of Financial
ka format diya hota hai (very important for
e III Statements
questions!)
