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DEHRADUN PUBLIC SCHOOL ASSIGNMENT (202223) SUBJECT ACCOUNTANCY (055) CLASS XII PARTA CHAPTER 2 (FUNDAMENTALS OF PARTNERSHIP) Answer the following questions: Q1. In case of fixed capitals, partners
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Class - XII account refers to the financial accounts and records that need to be maintained or filed by certain entities or individuals for compliance with tax regulations.
Entities or individuals whose income exceeds a certain threshold or who engage in specific business activities are typically required to file class - XII accounts.
To fill out a class - XII account, one must gather all relevant financial information, including income, expenses, and assets, and complete the designated forms according to the guidelines provided by the tax authority.
The purpose of class - XII accounts is to ensure accurate reporting of financial activities to comply with tax laws, aid in financial planning, and provide transparency in financial dealings.
Information that must be reported includes total income, expenses related to business operations, assets, liabilities, and any other financial data as required by tax regulations.
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