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Category [CBSE] Fundamentals of Partnership Firm

[CBSE] Fundamentals of Partnership Firm 234 Questions

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Assertion (A): Partnership is a separate and distinct entity from partners from the viewpoint of accounting.

2.29K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Assertion (A): Bharat, a partner in the firm gave loan of ₹ 5,00,000 of the firm without an agreement as to rate of interest. At the year end, the remaining partners agreed to allow interest on Loan by Bharat @ 8% p.a.

3.69K viewsAnurag Pathak Changed status to publish April 15, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th Assertion Reason (MCQs)

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Green and Orange are partners. Green draws a fixed amount at the beginning of every month. Interest on drawings is charged @ 8% p.a. At the end of the year interest on Green’s drawings amounts to ₹ 2,600. Monthly drawings of Green were

6.02K viewsAnurag Pathak Changed status to publish April 10, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Give two items which may appear in the debit side of a Partner’s Current Account.

1.07K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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State the two situations under which interest on capital is generally provided.

1.16K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Interest on capital is credited to Partner’s Current Account. Name the method of maintaining a Capital Account.

1.05K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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List item that may be in the debit side of a Partner’s Fixed Capital Account.

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

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In case the Partner’s Capital are fixed, in which account will the withdrawal of capital be recorded?

1.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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What is Profit and Loss Appropriation Account

1.14K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Under what Circumstances Average Method of calculating interest on drawings is applied?

1.06K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Amit, a partner in a partnership firm, withdrew ₹ 7,000 at the beginning of each quarter. For how many months would interest on drawings be charged?

2.27K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Give the average period, in months, for charging interest on drawings of a fixed amount, withdrawn at the beginning of each quarter.

1.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Explain briefly the meaning of a guarantee of minimum profit.

1.11K 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 ‘unlimited liability of a partner’?

1.02K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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If the partner’s capitals are fixed, in which account interest charged on drawings will be credited?

1.01K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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In the absence of a Provision in the partnership deed, In which ratio is the deficiency arising out of the guarantee of profit to a partner borne by the other partners.

1.15K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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The feature of a Partnership Firm is

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

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Interest on Capital is allowed on

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

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In the absence of a Partnership Deed, Interest on Capital

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

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In the case of fixed capital, partners will have

1.21K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Pick the odd one out of the following:

1.25K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Current Accounts of Partners are maintained if

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

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In the absence of a Partnership Deed, the profit of a firm is divided among the partners

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

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Mohit and Rohit were partners in a firm with capitals of ₹ 80,000 and ₹ 40,000 respectively. The firm earned a profit of ₹ 30,000 during the year. Mohit’s share in the profit will be

2.08K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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Relationship between the partners is of

1.05K viewsAnurag Pathak Changed status to publish April 9, 2023[CBSE] Fundamentals of Partnership Firm Accountancy Class 12th

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