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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 241 Questions

3 Sub Categories

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How is interest on drawings on unequal amounts drawn at unequal intervals calculated?

1.42K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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How is interest on drawings of equal amounts drawn on the last day of every month calculated?

1.36K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

How is interest on drawings of equal amounts drawn on the 1st day of every month calculated?

1.33K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Raj and Shyam are Partners in a firm having no Partnership Deed. Raj has advanced ₹ 10,000 as loan to the firm. He claims interest at the usual rate of interest of 12% p.a. as charged by the banks to which Shyam does not agree. State giving reason, which of the two is correct in this case.

2.58K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Mita and Mohan are partners sharing Profits and Losses in the ratio of 1 : 2 with capitals of ₹ 15,000 and ₹ 25,000 respectively. The Partnership Deed provides for interest on capital @ 6% per annum. The trading loss for the year ending 31st March, 2016 was ₹ 1,500. State, giving reason, the amount of interest of capital which will be allowed to the partners.

3.20K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Kanha, Neeraj and Asha were partners in a firm. They admitted Raghav their landlord as a partner in the firm. Raghav brings sufficient amount of capital and goodwill premium for his share in the profits. Raghav had given a loan of ₹ 1,00,000 @ 10% p.a. interest to the partnership firm before he became the partner. Now the accountant of the firm is emphasising that the interest on loan should be paid @ 6% p.a. Is he right in doing so? Give reason in support of your answer.

2.36K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

0 Votes 1 Ans

What is meant by Divisible Profit?

2.13K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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What is meant by Net Profit?

1.33K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Suresh and Ramesh are partners in a firm with a capital of ₹ 3,00,000 and ₹ 4,00,000 respectively.

3.22K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Aman and Boman are partners in a firm without a Partnership Deed. Aman manages the business and thus, claims salary of ₹ 18,000 per month. State with reasons whether his claim is valid or not.

2.83K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Is it compulsory for firms to have a Partnership Deed?

1.33K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Give two reasons in favour of having a Partnership Deed.

1.38K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Can a partner be exempted from sharing the losses in a firm? If yes, under what circumstances?

1.37K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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How will you deal with the following items in the absence of a Partnership Deed:

1.62K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Ajay and Ashish contribute ₹ 1,00,000 each to run a charitable clinic. Should they enter into a Partnership Deed?

4.04K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Three friends started a partnership business by investing ₹ 5,00,000 each. They decided to share profits equally. name the terms, by which they will be called individually and collectively.

3.22K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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State two Essential Elements of Partnership

1.38K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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