Ask question Search Order By: ActiveCategoryClear Filter 0 Votes 1 Ans What accounting steps are taken by a partnership firm when a new partner is unable to bring the business guaranteed by him? 2.68K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State the meaning of Guarantee of minimum profit. 2.69K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give the adjusting entry and the closing entry for recording commission allowed to a partner, when the firm follows the fixed capital method. 3.76K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans X, Y and Z are partners. Their fixed capitals as on 31st March, 2023 were X ₹ 50,000, Y ₹ 1,00,000 and Z ₹ 1,50,000. Profit for the year 2022-23 of ₹ 60,000 was distributed. 6.10K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans On 1st April, 2020, Pixie, Nixie and Gypsy entered into a partnership with fixed capitals of ₹ 60,000, ₹ 50,000 and ₹ 30,000 respectively. On 1st October, 2020, Pixie gave a loan of ₹ 12,000 to the firm. 5.67K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12thMCQs 0 Votes 1 Ans Akul, Bakul and Chadan are partners in a firm sharing profits and losses in the ratio of 4:3:3. Their fixed capitals are 1,00,000, ₹ 2,00,000 and ₹ 3,00,000 respectively. For the year 2022-23, interest on capital is credited to them @ 10%. p.a. instead of 5% p.a. Which of the following entries is necessary to correct the error? 3.95K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Bikram, Iqrar and Jiten entered into a partnership on 1st October, 2022 to share profits and losses in the ratio of 3:2:1. Bikram guaranteed that Jiten’s share of profit would not be less than ₹ 2,00,000 p.a. 2.41K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Match List I (Provisions of Partnership Act) with List II (Matters with which the provisions are related) and select the correct answer using the codes given below the lists: 2.97K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12thMatching Type MCQs 0 Votes 1 Ans Vikas, Vijay and Awdesh entered into a partnership on 1st October, 2022 to share profits and losses in the ratio of 3:2:1. Vikas guaranteed that Awadesh’s share of profit would not be less than ₹ 3,00,000 p.a. Profit for the period ended 31st March, 2023 was ₹ 12,00,000. Calculate deficiency to be charged to Vikas. 3.17K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give the adjusting and Closing entry for recording interest on drawins charged from the partners when the firm follows the fixed capital method. 2.66K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State the provisions of the Indian Partnership Act, 1932, regarding charging of interest on drawings from a partner when: 3.23K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give one reason why partners are charged interest on drawings. 2.63K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans When and why is it that the Capital Account of a partner does not show a Debit Balance in spite of regular and consistent losses year after year? 2.63K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give the adjusting entry and closing entry for interest on loan taken by a partner from the firm, when the firm follows the Fluctuating Capital Method. 2.87K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State one difference between Partner’s Loan Account and Partner’s Capital Account. 3.41K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State giving reason to which account interest on loan taken by a partner from the firm is debited and credited if partner’s capitals are fixed. 2.68K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans The firm with X, Y and Z as partners earned a profit of ₹ 3,00,000 during the year ended 31st March, 2011. 20% of this profit was to be transferred to General Reserve. Pass the necessary Journal entry for the same. 3.54K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans State giving reasons to which account interest on loan by partner is debited and credited if partner’s capitals are fixed. 2.69K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans In what way would you deal with rent paid to a partner for the use of his premises by the firm in which he is a partner and why? 2.86K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Saloni and Shrishti are partners sharing profits and losses in the ratio of 2:3 with capitals of ₹ 20,000 and ₹ 10,000 respectively. The partnership deed provides for interest on capital @ 6% p.a. and the profit for the year was ₹ 1,500. State giving reason, how much interest on capital will be allowed. 4.08K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans How will a firm deal with a situation when its partnership deed provides for interest on capital, but the profit earned by it is not enough to do so, at the rate mentioned in the deed? 2.64K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Give the adjusting entry for interest on capital allowed to a partner, when the firm followed the fixed capital method. 2.73K viewsAnurag Pathak Changed status to publish April 9, 2023Accountancy Class 12th 0 Votes 1 Ans What is Interest on Capital? Give one reason why it is allowed to partners. 2.87K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Is there any situation where interest allowed on capital is debited to Profit and Loss Account? 2.63K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th 0 Votes 1 Ans Interest allowed on capital is debited to Profit and Loss Appropriation Account and not to Profit and Loss Account. Why? 2.80K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership FirmAccountancy Class 12th « Previous 1 2 … 175 176 177 178 179 Next » Question and answer is powered by anspress.net
