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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 241 Questions

3 Sub Categories

0 Votes 1 Ans

Ashmit, Abbas, and Karman are partners sharing profits in the ratio of 3:2:1. Abbas is guaranteed a minimum profit of ₹ 1,50,000 per annum.

7.79K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Nimrat, Maira, and Kabir are partners sharing profits in the ratio of 2:2:1. Nimrat is guaranteed a minimum profit of ₹ 1,60,000 per annum.

7.38K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Parul, Prerna, and Kaushal are partners sharing profits equally. Parul is guaranteed a minimum annual profit of ₹ 2,00,000. Kaushal is to get a commission @ 5% of Net Sales

6.90K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Atul, Bipul, and Charu are partners sharing profits equally. Bipul is guaranteed a minimum profit of ₹ 2,00,000 per annum

7.16K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A, B, and C are partners sharing profits in the ratio of 5:4:1. C is given a guarantee that his minimum share of profits in any year would be at least ₹ 50,000. Deficiency, if any, would be borne by A and B equally.

5.47K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

X, Y, and Z entered into a partnership on 1st October 2022 to share profits in the ratio of 4:3:3. X, personally guaranteed that Z’s share of profit after allowing interest on capital @ 10% p.a. would not be less than ₹ 8,000 in a year.

6.72K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A, B, and C were in partnership sharing profits and losses in the ratio of 4 : 2 : 1. It was provided that C’s share in profit for a year would not be less than ₹ 75,000.

5.37K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Mohit and Sobhit are partners sharing profits in the ratio of 3:2. Rohit was admitted for 1/6th share of profit with a minimum guaranteed profit of ₹ 10,000

7.16K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Capitals of Kajal, Neerav, and Alisha as on 31st March 2023 were ₹ 90,000, ₹ 3,30,000, and ₹ 6,60,000 respectively

8.84K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

On 31st March 2014, the balances in the capital accounts of Saroj, Mahinder, and Umar after making adjustments for profits and drawings, etc., were ₹ 80,000, ₹ 60,000, and ₹ 40,000 respectively

7.59K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

On 31st March 2018, the balances in the Capital Accounts of Abhir, Bobby, and Vineet, after making adjustments for profits and drawings were ₹ 8,00,000, ₹ 6,00,000, and ₹ 4,00,000 respectively.

9.18K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Mannu and Shrishti are partners in a firm sharing profits in the ratio of 3 : 2. Following information is of the firm as on 31st March 2023:

7.52K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Naveen, Qadir, and Rajesh were partners doing an electronic goods business in Uttarakhand. After the accounts of the partnership were drawn up and closed

7.96K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Piya and Bina are partners in a firm sharing profits and losses in the ratio of 3 : 2. Following was the Balance Sheet of the firm as on 31st March 2016:

6.81K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Mudit, Sudhir, and Uday are partners in a firm sharing profits in the ratio of 3 : 1 : 1. Their fixed capital balances are ₹ 4,00,000, ₹ 1,60,000, and ₹ 1,20,000 respectively

8.03K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

On 31st March 2023, after the closing of the accounts, Capital Accounts of P, Q, and R stood in the books of the firm at ₹ 40,000; ₹ 30,000, and ₹ 20,000 respectively

6.29K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

A, B, and C were partners. Their fixed Capitals were ₹ 60,000, ₹ 40,000, and ₹ 20,000 respectively. Their profit-sharing ratio was 2 : 2 : 1. According to the Partnership Deed

9.64K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Mita and Usha are partners in a firm sharing profits in the ratio of 2 :3. Their Capital Accounts as on 1st April 2015 showed balances of ₹ 1,40,000 and ₹ 1,20,000 respectively

7.96K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Simrat and Bir are partners in a firm sharing profits and losses in the ratio of 3 : 2. On 31st March 2023 after closing the books of account

8.53K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ram, Mohan, and Sohan were partners sharing profits in the ratio of 2 : 1 : 1. Ram withdrew ₹ 3,000 every month

9.84K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Profit earned by a partnership firm for the year ended 31st March 2023 was distributed equally between the partners – Pankaj and Anu – without charging interest on Drawings. Interest due on Drawings was Pankaj – ₹ 3,000 and Anu – ₹ 1,000.

6.61K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Ram, Mohan, and Sohan sharing profits and losses equally have capitals of ₹ 1,20,000, ₹ 90,000, and ₹ 60,000 respectively

6.47K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Azad and Benny are equal partners. Their capitals are ₹ 40,000 and ₹ 80,000 respectively. After the accounts for the year had been prepared

5.69K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

Reya, Mona, and Nisha shared profits in the ratio of 3 : 2 : 1. Profits for the last three years were ₹ 1,40,000; ₹ 84,000, and ₹ 1,06,000 respectively

6.55K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

0 Votes 1 Ans

X and Y entered into a partnership on 1st April 2018. Their capitals as on 1st April 2022 were ₹ 2,00,000 and ₹ 1,50,000 respectively

8.00K viewsAnurag Pathak Changed status to publish April 11, 2024[CBSE] Fundamentals of Partnership Firm [CBSE] TS Grewal Solutions Accountancy Class 12th

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